There has been a lot of talk in the industry about the IORP (Institutions for Occupational Retirement Provision) II Directive. In the following paragraphs I’m going to try to put in broad terms (and in in plain English) what IORP II is, why it is coming about, what some of the fundamental issues around it are from an Irish perspective and why it has culminated in High Court … [Read more...] about IORP II – what’s all the fuss about?
A Personal Retirement Bond (PRB), AKA a Buy Out Bond (BOB) is, in my mind, essentially the pension’s equivalent of a waiting room. An accrued pension benefit from the likes of an old employer scheme is moved in to this waiting room, known as a PRB / BOB, and sits there until you draw the benefits down. So how did PRBs / BOBs come about, can I invest the funds in a PRB / … [Read more...] about Personal Retirement Bonds – what are they and why are they
If the law is an ass, then the branch of law with the biggest ass must be Schedule 23B of the Taxes Acts – the bit that deals with pensions and divorce. Most people seeking a divorce are looking for a little closure – a permanent parting of the ways, a decisive pulling of the plug, a good bye and good riddance type of closure. Unfortunately, thanks to Schedule 23B, any of … [Read more...] about Divorce and Pensions: Does my legal bum look big in this?
Irish taxpayers, still smarting from the shock of massive cost-overruns on the proposed new national children’s hospital, now face the prospect of another budgetary black hole, this time in financial services. … [Read more...] about Auto-Enrolment Pensions: Another Budgetary Black Hole?
The pension market in Ireland is continuing its inexorable shift from the traditional defined benefit (DB) to a defined contribution (DC) landscape. As the names suggest, DB looks to guarantee a benefit, or income in retirement, whilst DC only defines the contribution amount from the employer or employee. Therefore the actual outcome for a DC customer depends on a myriad of … [Read more...] about Volatility, old age, and investment paralysis.