Actuary joins the Pensions Board

Friday 24 August 2007: Actuary Pat O’Sullivan has been appointed to The Pensions Board, it was announced today. Pat joins the Technical Services & Research Unit in the Board and takes up his position with immediate effect.

Mr. Brendan Kennedy, CEO of The Pensions Board, endorsed Mr O’Sullivan’s appointment. “Pat has an established actuarial track-record and broad experience of the financial services industry. These strong credentials and his comprehensive understanding of the pensions sector will allow him to make a significant contribution to our work at The Pensions Board in the years ahead.”

Pat O’Sullivan has over twenty years experience in the private sector financial services industry, having worked in life insurance and more recently in pensions consultancy. A Fellow of the Institute of Actuaries and a Fellow and former council member of the Society of Actuaries in Ireland, Pat has acted as Scheme Actuary to many private and public sector pension schemes.

- ENDS -

For further information please contact:

David Malone
The Pensions Board
Tel: (01) 6131900

Glen McGahern
Q4 Public Relations
Tel: (01) 4751444 / 086-1940057


Editor’s Note:

The Pensions Board
The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings accounts (PRSAs) and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development. See www.pensionsboard.ie

Technical Services & Research Unit, Legal and Actuarial
This Unit deals with technical, legal, actuarial and policy-related matters arising within the Board’s overall remit.

The main responsibilities of the Unit include the:

  • preparation of papers on policy matters in relation to the Pensions Act,1990(as amended) “the Act” and pension matters generally;
  • preparation of guidance notes on various provisions of the Act;
  • processing of requests for information on specific provisions of the Act;
  • processing of requests for determinations in relation to various provisions of the Act;
  • preparation of papers on legislative matters in relation to the Act and pension matters generally;
  • provision of general and specialist legal advice to support the Board in its statutory functions;
  • taking of prosecutions on behalf of the Board;
  • management of the Board’s panel of external advisers;
  • provision of actuarial advice and support to the Board on policy and regulatory matters;
  • representation of the Board with external parties as appropriate.
 
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  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
  • This calculator does not take into account any contributions an employer might make to your pension.
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  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
  2. Contribution amounts shown will increase each year as salary increases.
  3. The actual pension at retirement will depend on actual investment return and salary inflation up to retirement and on the cost of purchasing annuities at retirement.
  4. Tax relief calculations take account of age related limits on tax relief in any given year as prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. The maximum tax relief as a % of earnings are as follows:
         Under 30: 15%
         30 to 39: 20%
         40 to 49: 25%
         50 to 54: 30%
         55 to 59: 35%
         60 and over: 40%
  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
  6. In these net contribution calculations, PAYE & single persons tax reliefs and single persons tax bands are assumed. It is also assumed that no other tax reliefs apply.
  7. The annuity rate used to convert your pension fund at retirement age is a long term average annuity rate, which makes no allowance for the recent gender equalisation ruling. The annuity rate used in your personal illustration above will be shown when you run the calculator.
  8. This calculator takes account of the fact that the State Pension (Transition) will no longer be paid from 1 January 2014. This means that there will then be a standard State Pension age of 66 years for everyone. If you have qualified for the State Pension Transition before 1 January 2014 you remain entitled to it for the duration of your claim (1 year). State pension age will increase to 67 in 2021 and to 68 in 2028