Speaking the day after minister for social protection, Joan Burton, announced that the standard would be reintroduced imminently – with a revised standard including increased capital buffers phased in over a decade – the IAPF's director of policy, Jerry Moriarty, conceded that the Pensions Board would have been "very aware" of the discussions surrounding Solvency II when drawing up their proposals.
Asked if the new funding standard was an attempt to prepare Ireland for the potential introduction of Solvency II, he said he was uncertain if that had been the regulator's motivation, but added that the issue of Solvency II was a "big worry" at the moment. "I would imagine, in terms with coming up with the options, the Pensions Board would have been very aware of the Solvency II-type discussions", Moriarty said, adding that proposals were "certainly in that area".
He said Solvency guidelines were a distinct possibility and referenced the European Insurance and Occupational Pensions Authority's consultation on the matter, launched earlier this week. "The Call for Advice certainly seems to be heading in that direction, and that's something we'll be working on at European Federation for Retirement Provision level, as well as national level, to highlight what that would mean to schemes", he said.
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