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Below you will find all the latest news and updates from IAPF.  

eUpdate 08 November 2024

08/11/2024 Posted by IAPF | Comments(0)

Cost Transparency Standard 

The IAPF is facilitating the Cost Transparency Standard in which the Pensions Authority has said that schemes are expected to partake. Schemes are already participating, and the first mangers have completed the ClearGlass template which provides a means of analysing costs.

 A full update on the process and progress to date can be found here

 

Defined Benefit Statistics
 
Earlier this week, the Pensions Authority published statistics for funded defined benefit schemes which can be accessed here.
 
The statistics are based on aggregated Annual Actuarial Data Returns (AADR) and show that 480 schemes submitted an AADR with an effective date in 2023, and 472 of those met the minimum funding standard, including the funding standard reserve. Total assets for those 472 schemes of €63.5bn exceeded total liabilities of €48.2bn.
 
8 schemes did not meet the minimum funding standard, although total assets for those schemes of €1.3bn equalled total liabilities of the same amount, which would indicate that those schemes were very close to meeting the standard.
 
This is a very notable turnaround from 2013 when 450 schemes did not meet the standard with an aggregate deficit of just over €9bn. DB assets have also risen by €13.6bn in that period, although the number of active members has more than halved.
 

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