To recap, the following specific recommendations are set out in the report:
1. Continue to monitor the implementation of the 2012
Consumer Code (Central Bank) and take specific actions to:
a. Examine the practice of re-brokering to ensure
that it is always in the best interests of the consumer; and
b. Conduct an exercise to ensure compliance with the
recently introduced requirement for Annual Statements.
2. Develop approaches to improve consumer, employer
and trustee awareness and knowledge of pension charges. This should ensure that information is clear
and concise. It should be standardised,
where possible, and based on best practice (several organisations have a remit
here).
3. Develop a communications action plan on pension
charges (several organisations have a remit here).
4. Improve trustees’ knowledge and awareness of
pension charges (Pensions Board). Take
specific actions to:
a. Develop a separate module on pension charges in
trustee training;
b. Provide a support service to trustees setting out
principles and best practice.
5. Review occupational pension disclosure regulations
specifically to:
a. Provide for the issue of an Annual Statement to
all deferred members (Department of Social Protection, Pensions Board);
b. Improve the information provided in the Statement
of Reasonable Projection and the need for focussed detail should be reviewed
(Department of Social Protection, Pensions Board).
6. Monitor developments and continue efforts to
develop a single standard measure that would assess all costs and charges and
thereby enable easier comparisons to be made (Department of Social Protection,
Central Bank, Pensions Board).
7. Conduct further research on the drivers behind
consumer choice of individual pension products – with particular reference to
PRSAs.
8. Ensure data on charges is collected on a periodic
basis - 3 yearly intervals is considered appropriate - to allow for continued
scrutiny and future decision-making. (Central Bank, Pensions Board).
9. Evaluate the impact of this report, these
recommendations and future EU developments after two years and assess if
further and more stringent recommendations are required (Department of Social
Protection, Central Bank, Pensions Board).
Source: www.welfare.ie
