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Ireland granted further pension protection
Ireland’s defined benefit (DB) pension scheme members will gain further support with news that a new Pensions Insolvency Payment Scheme (PIPS) is to be introduced in the Social and Welfare and Pensions Bill 2009. Minister for Social and Family Affairs, Mary Hanafin T.D., announced that the new development will assist employees and former employees of companies where the employer ...
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Irish private pensions ‘need support’ – IAPF
Irish private pension provision will be destroyed if the Irish Government goes ahead with a reduction in tax relief, says the Irish Association of Pension Funds (IAPF). Next month’s supplementary Budget will outline the proposals, and the IAPF has released a briefing paper in advance of this. It says that the reduction in relief on pension contributions to the standard rate would ...
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Irish scheme assets drop not as bad as expected – IAPF
Irish pension scheme assets fell by 23% in 2008, the Irish Association of Pension Funds (IAPF) has reported as part of its annual asset allocation survey, which, says the association, is less than might have been expected given recent market conditions At year end, assets under management amounted to EUR 66.7bn compared with EUR 86.6bn at the end of 2007, which brings the total value of ...
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No letup for Irish pension funds
The credit crunch is not letting up on Irish pension funds, with February recording further losses of 5.7 per cent. In January, the average fund declined by 1.9 per cent, brining the return for 2009 so far to -7.5 per cent. The best performing manager during February was Standard Life Investments, with -5.0 per cent, and Irish Life Investment Managers delivered the worst performance of ...
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Cases mount up for Irish Pensions Ombudsman
The Irish Pensions Ombudsman saw a forty-three per cent rise in new cases compared to 2007, with the number of cases closed in 2008 up by ten per cent on last year. Around 450 cases are currently under investigation by the Dublin-based organisation, and its website has recorded over a third of a million hits annually. A statement regarding the provisional figures of the caseload in the ...
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Irish funds record huge 2008 losses
A turbulent 2008 took its toll on Irish pension funds, with recorded losses of €27bn as managed funds declined by 34.8 per cent, according to Rubicon Investment Consulting. Leading a dismal set of results was Setanta Asset Management, with a return of -29.6 per cent, and Hibernian Investment Managers was the worst performing manager with a return of -38.8 per cent. Rubicon has ...
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Irish DC funds given option to defer annuity purchase
A new option for members of defined contribution (DC) occupational pension schemes which will defer the purchase of a retirement annuity for a specified two-year period has been announced by Ireland’s Minister for Finance, Brian Lenihan. Under current provisions, member of DC schemes are obliged to purchase an annuity immediately upon retirement with their pension fund, after ...
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Sarasin carves way into Irish market
The UK subsidiary of the Sarasin Group in Switzerland has its new offices in Dublin, and business operations have begun with immediate effect. The National Gallery in Dublin will host the official launch event of the office on 19 November ...
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Irish pension funds lose third of value
Irish pension funds have lost a third of their value in just 12 months, falling by 33.4 per cent, according to investment consultant Rubicon. In October 2008 alone, Irish pension managed funds fell by 9.2 per cent on average, with the best performance coming from Eagle Star at -8.5 per cent. Irish Life Investment Managers delivered the poorest returns, with -10.5 per cent. So far in ...
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Irish market opens up to China
The Irish funds market has opened its doors to Chinese investors in a move by the Irish Funds Industry Association (IFIA). The Irish financial regulator, IFSRA, signed a Memorandum of Understanding one Thursday 23 October with the China Securities Regulatory Commission (CSRC) and the China Banking Regulatory Commission (CBRC), its Chinese counterparts. This will enable Chinese investors ...
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Zurich Ireland outperforms market despite slump in new Life Insurance business
The Irish branch of Zurich (Eagle Star Life) has revealed that for the six months ending June 2008 it has outperformed the market, with Pensions Annual Premium new business of €47.4 million. The same period in 2007 saw figures of €42.8 million, 11 per cent less than the current situation. This outperformed the market average of zero per cent for regular premium business. ...
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Pioneer Investments plans to break into Irish market
Pioneer Investments has revealed that it is to enter the Irish Institutional Market, launching its institutional business in Ireland as part of the company’s ongoing growth strategy. The business will be led by Dave Santry as head of institutional business development, Ireland, and will be supported by Kate Parker, vice president of institutional sales in the UK and Ireland. Paul ...
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Hewitt reports negative Irish returns
survey. The return was the same as the average manager in the survey, and although continuing market volatility has resulted in a wide dispersion of returns, a year to date the difference between the top and bottom performing manager was 5.4 per cent over the seven months. Canada Life/Setanta was the best performing manager over the month at -1.1 per cent, yet their return over the ...
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LCP expands into Ireland
Consulting actuaries Lane Clark & Peacock (LCP) has furthered its international expansion with the establishment of offices in Ireland following the merger with HLD Actuarial Consultants (HLD), creating Lane Clark & Peacock Ireland. The Ireland office follows the opening of the Netherlands office last month, and joins LCP’s presence in the UK, Belgium and Switzerland. Based ...
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Irish pension funds feel the pinch as returns tumble
Irish pension funds fell by 1.3% in 2007, the Irish Association of Pension Funds’ (IAPF) annual asset allocation survey has revealed, bringing assets down to €86.6bn at the end of 2007 from €87.7 at the end of 2006. Despite recent falls, however, the total value of assets managed by Irish pension funds has almost doubled from €44.8bn in the five years since the end ...
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Note of caution for Ireland’s trustees
Irish pension funds lost €10 billion in the first three weeks of 2008, according to figures released from Mercer. This news follows a particularly poor year for Irish funds which, despite a strong first half, saw them suffer a €4bn loss in value, with the average pension fund losing close to 4%. Mercer, however, warned funds against taking any ';rash decisions'; in ...
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Compulsion not the answer in Ireland
Butchers, florists and hairdressers in Ireland would be more inclined to set up a pension if the monetary benefits were simplified in the current voluntary system rather than through the introduction of mandatory pensions, according to a new ...
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Irish cruise past Wales in rugby cup warmup
DUBLIN (Reuters) -- Ireland began their rugby union World Cup buildup with a comfortable 35-12 victory over an inexperienced Welsh side on Saturday, outscoring the visitors by five tries to two. The home side never found top gear, but were too strong for an experimental Welsh lineup featuring six uncapped players in their 22-man squad. "These games have been called friendlies, and ...
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Irish jockey Kelly dies from head injuries
DUBLIN (Reuters) -- Leading Irish jump jockey Kieran Kelly died in hospital Tuesday after suffering severe head injuries in a fall last week, the Irish Turf Club said Wednesday. The jockey, aged 25, had been on a life support machine in a ublin hospital since the accident at the Kilbeggan Races in Westmeath last Friday. He sustained severe injuries when Balmy Native came down in the Joe ...
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Hard to stay optimistic living in Hatch Hall
Hatch Hall , those trying to "keep busy" and those tired of trying. Many have spent years in the asylum system, living on EUR19.10 a week (it's EUR9.60 for children), not allowed to work or study and subject to movement or deportation at short ...
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Rich Americans Scooping Up Irish Estates
John Malone is among a growing number of Americans returning to their Irish roots and scooping up mansions and castles after the worst real-estate crash in western ...
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“For most people who have chemo it’s no big deal” says man who sails around Ireland between bouts of chemotherapy
Chris Egan and David Bevan, who have both battled cancer, plotting a course for their round Ireland trip aboard the Inizi in aid of cancer ...
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Time limit a key issue arising from health committee hearings on abortion
Dr Eamonn Moloney, consultant psychiatrist, Cork University Hospital; Prof Veronica O'Keane, consultant psychiatrist, Tallaght Hospital and TCD; and Dr Yolande Ferguson, consultant psychiatrist, Tallaght Hospital, attending Monday's hearing of the Oireachtas health committee. Photograph: Gareth ...
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Shatter’s mistake in the Wallace saga was purely political
Minister for Justice Alan Shatter at this week's citizenship ceremony at the Convention Centre, Dublin. "Shatter was seen initially (and still sees himself) as an energetic and reforming Minister but his style and personality in office have depleted his political capital." Photograph: Bryan ...
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Living in Hatch Hall
Hatch Hall , those trying to "keep busy" and those tired of trying. Many have spent years in the asylum system, living on EUR19.10 a week (it's EUR9.60 for children), not allowed to work or study and subject to movement or deportation at short ...
Ireland Digest
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Is Ireland living beyond its means?
Ireland is highly developed and has experienced rapid and constant economic growth in the last few decades, with many calling the country the Celtic Tiger. But recent events in the world economy and the financial situation of Europe may mean changes are afoot for the Tiger.
Ireland is one of the most developed countries in the world and has a high tax high government service economic model, it has for the last few decades substantially reduced the socio-economic inequalities in the economy and had a Gini coefficient score of 30.1 in 2000 while The Economist says we have the best quality of life in the world. This has come at a cost though, government deficits are running at over 10% of GDP, public debt accounts for over 40% of all revenue generated in the economy and the Irish population has a debt level, in relation to disposable income, that is the highest in the developed world – our personal debt in 190% more than our disposable income. All this begs the question, are we living within our means or is Ireland’s economic model unsustainable? Read more
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