Country Report

Member State of EU

Population 3.6m

GDP € 66bnGrowth 1999 9%

Unemployment 5%

Inflation 4%

April 2000Country Report

Second & ThirdPillars

First Pillar

Structure of System

• Flat rate pension• Payable from age 65• Currently 30% of

Average Industrial Earnings

• Partly funded from 2000 (1% of GNP)

• Public service + occupational + self employed

• Mainly DB but trend to DC

• Coverage 52% of working population

April 2000Country Report

Legal and Regulatory Framework

Fiscal• Tax rElief - contributions• Tax Exempt - assets• Taxed benefits• Regulated by limits on

benefits

Pensions Act 1990

• Duties of trustees• Member representation• Gender equality• Minimum funding

standard DB• Member information• Early leaver benefits

April 2000Country Report

Statistics

Membership (000s)

0

100

200

300

400

500

Defined BenefitDefined ontribution

Investment (total €49bn)

Irish Equities

22%Euroland Equities

14%

Bonds20%

Property5%

Other3%

Overseas Equities

36%

April 2000Country Report

Irish Association of Pension Funds

Mission• To represent interests

scheme members, trustees and employers

• To promote financial security of all retired people

• To provide a forum for pensions debate

Activities• Recognition as voice of

Irish pensions• Seminars, conferences,

etc• High quality

publications• Surveys and research

www.iapf.ie

April 2000Country Report

Current Issues

NPPI• Retain EET• Introduce PRSA (DC

structure)• Universal access• Simplified operation• Increased public

awareness

by June 2000

Retirement OptionsTax free lump sum

plus

Balance of fund used to buy annuity

Balance paid immediately in cash form

Balance paid into Approved Retirement Fund