Mandatory pensions preferable to auto-enrolment, say Irish actuaries

first_imgIreland’s actuaries are recommending that the government make private pensions mandatory for all workers, rather than introduce a UK-style system of automatic enrolment. The Society of Actuaries in Ireland said a compulsory pension system should be developed over the next five years as a way of increasing pensions coverage and making sure individuals have enough in retirement. Bringing in auto-enrolment is potentially wasteful, if the government later goes down the mandatory route anyway, it said. The recommendation is among the conclusions from a working party on pensions policy set up by the society in March 2013.  The aim was to join the debate on whether a mandatory system was better than other methods, such as auto-enrolment, to complement the state pension. The society said it knew auto-enrolment might seem more palatable than a mandatory system in the current economic environment in Ireland.  “However, in our view, a mandatory system is superior to an auto-enrolment regime for a number of reasons,” it said. A mandatory regime was a more effective way of increasing private pensions coverage than auto-enrolment, it said, citing international experience. Also, a mandatory system should be easier to run since there will be no opt-out and opt-in issues, it said. “Establishing the more complex system of auto-enrolment and subsequently introducing the mandatory regime could potentially be a waste of resources,” it added. Because it would take at least five years to bring a mandatory scheme into operation, the society said there was a need to move ahead quickly with decision-making and planning. Last April, the Organisation for Economic Co-operation and Development (OECD) said in a review of Ireland’s pension system that making it compulsory for private workers to establish a pension was the cheapest and most effective approach to increasing coverage of private pensions. It said Ireland and New Zealand were the only OECD countries that did not have a mandatory earnings-related pillar to complement the state pension at basic level.last_img read more

NEST chief executive to stand down after eight years

first_imgNational Employment Savings Trust (NEST) Corporation chief executive Tim Jones is to stand down at the end of the year after eight years in charge of the auto-enrolment vehicle.Jones was appointed in October 2007 as head of the Personal Accounts Delivery Authority (PADA), the government body charged with delivering NEST – an auto-enrolment master trust with a public service obligation to accept all employers.PADA was renamed NEST in the build-up to auto-enrolment, and its only chief executive will now leave to develop a digital financial product in a throwback to his career prior to joining the organisation.Jones said the development of the digital product had been an ambition and that he hoped his long notice period demonstrated his commitment to the master trust’s success. Before joining NEST, Jones was head of retail banking at NatWest and chief executive of Modex, Purseus and Simpay – banking and mobile payment financial software firms.As chief executive, he was key in delivering the trust that opened its doors to new members as auto-enrolment began in October 2012.NEST now has close to 2m members with more than £330m (€446m) in assets.The organisation said it was commencing its recruitment drive for a successor immediately and hoped to have someone in place by the time Jones stepped down.Otto Thoresen, the recently appointed chairman at NEST, praised Jones for his “fantastic” work in leading the body.“He has successfully taken NEST from the early stages of development through to the first key stages of delivery and established NEST as an integral part of auto-enrolment in the process,” he said.Thoresen was appointed chair of the trust after Lawrence Churchill stepped down earlier this month after five years in the role, overseeing the launch of auto-enrolment alongside Jones.last_img read more

GSA Eagle runners win Seacoast Invitational

first_img Latest Posts In the boys’ race, Hassett led the way with a time of 15 minutes and 2 seconds as the Eagles placed five runners among the top 10 finishers.This is placeholder textThis is placeholder textJunior Devlin Valle was second in 16:13, junior Oliver Broughton was sixth in 16:34, senior Tate Yoder was eighth in 16:56 and sophomore Tyler Ray was ninth in 17:25, senior Michael Salois was 12th and junior Frank Schweizer was 13th, both in 17:44, as the Eagle boys finished with 20 points.Following in the team competition were Lee Academy with a score of 65, Washington Academy 79, Machias 87 and Searsport 114.In individual boys’ competition:For the Bucksport Golden Bucks, Skyler Fraga was fourth in 16:17, Ramon Perez was 15th in 17:55, Amaziah Jones was 22nd in 18:17 and Taylor Soteres was 25th in 18:55.For the Sumner Tigers, Dylan Bernaquer was 33rd in 20:01, Nicholas Kimball was 34th in 20:03 and Christian Kimball was 45th in 21:10.In the girls’ race, GSA’s Broughton was first in 18:28 and junior teammate Hanna Gutow was second in 18:46 as six Eagle runners placed among the top 10.Behind them, freshman Zeya Lorio was fifth in 19:20, freshman Mary Richardson was sixth in 19:22, sophomore Bella Cimeno was seventh in 19:30, senior Cedar Slagle was 10th in 19:48 and sophomore Emma Larson-Whittaker was 11th in 19:52.The Eagle girls finished with 18 points, followed by Lee Academy 61, Machias 73, Washington Academy 111 and Narraguagus 114.In the individual girls’ competition:For Bucksport, Natalie Coleman was fourth in 19:14, Natasha Clement was ninth in 19:45, Ansley Bernier was 46th in 27:17 and Mavis Tuanatu’a was 49th in 28:13.For Sumner, Brittany Pomeroy was 30th in 24:10 and Cassidy Lee was 39th in 26:03.——At Saturday’s Old Town Sectional Invitational, the Mount Desert Island Trojans put four runners among the top seven in winning the boys’ varsity competition with 52 points.Peter Philbrook placed fourth for MDI in 17:35.20, Ralph Magnani was fifth in 17:38.6, Jordan Harris was sixth in 17:39.09 and Ethan Craigo was seventh in 17:51.62.Rounding things out for MDI were David Anderson, 31st in 19:09.36; Josh Bloom, 46th in 19:44.97; and Matt Hanna, 58th in 20:33.27.Behind the Trojans in the team competition were Orono 61, Caribou 64, Old Town 116, Central 140, John Bapst 154, Foxcroft Academy 155, Presque Isle 188, Hermon 230 and Ellsworth 273.For the Eagles, Derek Look was 52nd in 20:05.61, Noah Robidoux was 60th in 20:44.81, Austin Baron was 64th in 21:31.63, Matt Frost was 65th in 21:31.80, Conrad Svec was 69th in 22:24.09, Tim Curts was 76th in 25:42.58 and Collin Lima was 78th in 25:48.79.In the girls’ competition, Orono took top honors with 35 points, followed by MDI 62, Caribou 100, John Bapst 112, Mattanawcook Academy 145, Ellsworth 165, Presque Isle 167, Washburn 180, Old Town 191 and Hermon 254.For the Trojans, Waylon Henggeler was runner-up in 19:27.70, Caroline Driscoll was seventh in 20:07.54, Lydia Dacorte was eighth in 20:18.59, India Janes was 16th in 21:40.66, Xingtyao Chen was 30th in 23:10.75, Erin White was 34th in 23:16.96 and Anita Wray was 44th in 24:28.71.For Ellsworth, Hayley Lawrence was fourth in 19:31.33, Olivia Lounder was 24th in 22:47.96, Katelynn Bagley was 33rd in 23:16.01, Julia Zavaleta was 51st in 24:34.41, Emine Mutlu was 63rd in 28:35.64 and Bailey Neale was 68th in 31:07.14. Like he did in the ’60s, Noel Paul Stookey sings out in troubling times – December 27, 2017 GSA surges in 4th to win Northern Maine title – February 26, 2017 Is this the kind of government we deserve? – July 10, 2017 SULLIVAN — Sophomore John Hassett and freshman Eliza Broughton led the George Stevens Academy Eagles to victory in boys’ and girls’ varsity competition at Friday’s annual Seacoast Invitational at Sumner Memorial High School. Latest posts by Hugh Bowden (see all) Bio Hugh BowdenExecutive EditorHugh writes editorials, covers Hancock County sports and helps out where needed in The American’s editorial department. When he’s not on the sidelines, he enjoys playing jazz and tennis. hbowden@ellsworthamerican.comlast_img read more