On Oct. 25, IRE PEN updated guidance on projection assumptions.
IRE PEN published updated guidance for determining assumptions in pension benefit statements, required under the EuropeanUnion (Occupational Pension Schemes) Regulations, 2021, Regulation 34(4), relating to assumptions of projections provided.
Updated Overview
The update maintains consistency with recently revised guidance from the Society of Actuaries in Ireland in relation to preparation of Statements of Reasonable Projection.
Guidance sets out principles in accordance with which various parameters underlying calculation of projections provided in pension benefit statement (PBS) are determined.
The updated guidance has been prepared with the objective of providing illustrations of retirement benefits which are fair, are clear, and not misleading to scheme members.
All of the versions of guidance from IRE PEN are now available on the pension benefit statement projection assumptions page of its website, for versions 1.0, 1.1 and 1.2.
Effectiveness
The updated guidance as set out within V1.2, is now fully applicable from Jan. 1, 2025.
Regulators
IRE PEN
Entity Types
CNSM; Pension
Reference
Gd V1.2, PR 10/25/2024; StIn 128/2021 (IRE)
Functions
Actuarial and Valuation; Compliance; Financial; Legal; Product Administration; Reporting; Risk
