IAPF Spring 2018 Irish Pensions Magazine

20 | IRISH PENSIONS MAGAZINE | SPRING 2018 FEATURE vehicles and an enhanced regulatory framework. Next Steps - Consultation and Engagement Followingpublication of theRoadmap and during 2018, separate AE and TCA national public consultation processes will be undertaken. Each will be supported by the prior publication of design proposals for the respective systems. In relation to AE, the likely approach will be to explore a plausible AE model and enable a focussing of the debate around key policy principles. This will capture the views expressed together with any evidence base which may support these views and identify any potential consensus which may emerge. Feedback received during this consultation process from private citizens and representative groups will be used to inform Government in determining the preferred operational structure and design for the respective systems. Considering the substantive nature of these reforms, consultation with those who will be affected will be a critical feature of system design. Conclusion The measures in “A Roadmap for Pensions Reform 2018-2023’ reflect the broad intent of the ‘Programme delivering on Ireland’s obligations to transpose (by January 2019) the provisions of EU IORPS II Directive 2016/2341. The measures are also informed by the recommendations of the Pension Authority’s 2016 national consultation process ‘DC Reform and Simplification’. A large section of the general public has low confidence in pension outcomes and has difficulty understanding pensions. The objective is to tackle shortcomings in the existing system and establish, for the long term, a more coherent and improved environment for our pension provision. Ireland has a disproportionately high number of occupational schemes compared to international norms. Reformmeasures will provide for greater economies of scale along with improved scheme governance and trustee standards. It will also result in a rationalisation in the range of individual pension