Thursday 27 November was a great night for Irish Life and our colleagues in Setanta Asset Management - we’re both part of the Great-West Lifeco family. Between us we picked up four prestigious awards at the Irish Pensions Awards 2013. The Awards aim to recognise companies who have consistently delivered excellence, professionalism and dedication in maintaining the highest standards in Irish pension provision.

Why are we here?

It is an age old question that has dumbfounded philosophers for thousands of years – the answer remains as elusive as it ever was.

Here in Irish Life Corporate Business however, we just need to look at one of our most basic, but most important functions. We’re here to pay claims.

In 2012 we paid out €63m in Death Benefits to 477 families, €5m in Specified Illness Cover to 200 claimants, and €58m in Income Protection claims. (Source: Irish Life Corporate Business)

If you’ve been told once, you’ve been told a thousand times; plan for the future, save into a pension, safeguard your retirement. You’ve heard it all at this stage and you know you should pay into your pension. It’s the right thing to do – you know that deep down. Save now whilst you’re working; enjoy the fruits of your saving when you retire; it all makes perfect sense.

2012 was another exceptional year for Irish Life Staff Charities with a massive €70,000 raised by the Irish Life Staff Charities committee. As is tradition, this amount will be matched by the company itself and given to two charities. Therefore two charities have benefitted from a total of €140,000 because of the fundraising efforts of Irish Life staff. Each year staff select two charities, one who do their work in Ireland and the other who do their work abroad.

Sovereign annuities are a new product, certified by the Pensions Board, which Irish Life has made available to trustees of defined benefit schemes. Sovereign annuities are cheaper than traditional annuities because they invest in specialist long-dated bonds issued by the National Treasury Management Agency (NTMA). These bonds offer higher returns than those returns available on German and French sovereign bonds which are typically used for pricing of traditional annuities.

Christmas is always a good time for some quiet reflection, so with that in mind we’ve decided to run through just some of 2012’s developments which have implications for the Irish pensions industry, and company pension schemes in particular. Below is a quick look back at some of the things that happened in 2012 which will influence the way company pension schemes are run in 2013 and beyond.

The continued decline of Defined Benefit Schemes, the continued growth of Defined Contribution Schemes

The Minister for Social Protection, Joan Burton, T.D., recently announced the publication of the Report on Pension Charges 2012. The report addresses two key issues which were the level of pension charges and also the transparency of charges. The report covered many different types of pension including Defined Benefit (DB), Defined Contribution (DC), Personal Retirement Savings Accounts (PRSAs) as well as individual pensions and Public Sector Additional Voluntary Contributions.

f you’ve been told once, you’ve been told a thousand times; plan for the future, save into a pension, safeguard your retirement. You’ve heard it all at this stage and you know you should pay into your pension. It’s the right thing to do – you know that deep down. Save now whilst you’re working; enjoy the fruits of your saving when you retire; it all makes perfect sense.