Transcript Country Report

Country
Report
Member State of EU
Population
3.6m
GDP
€66bn
Growth 1999
9%
Unemployment 5%
Inflation
4%
Structure of System
• Flat rate pension
• Payable from age 65
• Currently 30% of
Average Industrial
Earnings
• Partly funded from
2000 (1% of GNP)
• Public service +
occupational + self
employed
• Mainly DB but trend
to DC
• Coverage 52% of
working population
Second
& Third
Pillars
First
Pillar
Country Report
April 2000
Legal and Regulatory Framework
Fiscal
Pensions Act 1990
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Tax rElief - contributions
Tax Exempt - assets
Taxed benefits
Regulated by limits on
benefits
Country Report
Duties of trustees
Member representation
Gender equality
Minimum funding
standard DB
• Member information
• Early leaver benefits
April 2000
Statistics
Membership (000s)
Investment (total €
49bn)
Bonds
20%
Overseas
Equities
36%
500
400
Property
5%
300
Other
3%
200
100
0
Euroland
Equities
14%
Defined Benefit
Defined ontribution
Country Report
April 2000
Irish
Equities
22%
Irish Association of Pension Funds
Mission
Activities
• To represent interests
scheme members,
trustees and employers
• To promote financial
security of all retired
people
• To provide a forum for
pensions debate
• Recognition as voice of
Irish pensions
• Seminars, conferences,
etc
• High quality
publications
• Surveys and research
www.iapf.ie
Country Report
April 2000
Current Issues
NPPI
Retirement Options
• Retain EET
• Introduce PRSA (DC
structure)
• Universal access
• Simplified operation
• Increased public
awareness
by June 2000
Tax free lump sum
plus
Balance of fund used to buy
annuity
Country Report
Balance paid immediately in
cash form
Balance paid into Approved
Retirement Fund
April 2000