PRSA
PRSA actuary appointment
We currently act as PRSA actuarial consultants to 9 PRSA providers. As a result, we have significant experience of conducting compliance reviews for PRSA business.
PRSA Actuary appointment
Every PRSA product is required to appoint a PRSA Actuary under legislation. The role of the PRSA Actuary includes PRSA product certification, default investment strategy review, annual certification of compliance with Part X of the Pensions Act for the PRSA Provider and general actuarial and pension advice, for example, on projection and illustration systems and preparation of returns to the Pension Authority.
At LCP we provide these services to many PRSA Providers where we bring an independent focus on PRSA services and over 20 years of PRSA consulting experience to our clients.
Our experience of compliance reviews extends beyond pure PRSAs, as we also undertake registered administrator reviews and general legislative compliance reviews for Trustees, Banks, Insurance Companies, and a variety of other clients. Our PRSA clients benefit from the experience gained in our wider pension roles.
Our approach to each review can be tailored to the particular considerations of the PRSA provider. The most common review we perform is the statutory annual review under section 119 of the Pensions Act. This review includes compliance checks, new system implementation and review of procedures and process.
We have gained significant experience of dealing with the Pensions Authority through working with and representing a variety of PRSA providers in addressing issues such as:
- Breaches reported under the annual determination
- Complex issues around interpretation of aspects of Part X of the Pensions Act
- Performance fees and fixed fees.
We have experience of assisting our clients in successfully managing Pensions Authority inspections and industry wide reviews. This includes both off-site reviews and on-site reviews by the Pensions Authority. The inspections covered a selection of a sample of clients with the Pensions Authority requesting all associated PRSA documentation provided to them and details on the charges deducted. In addition the procedures and processes of the PRSA provider were interrogated by the Pensions Authority. The industry wide reviews related to evidence of compliance with specific sections of Part X of the Pensions Act.
Since engaging LCP, we have been impressed with their professionalism, ability to respond quickly and provide well thought through, impartial advice and assistance on all aspects of our PRSA business. They have always proved extremely responsive. They have consistently delivered in their role and been of great assistance to us in meeting our regulatory obligations. They demonstrate great understanding of the practical application of the legislation as well as in all aspects of product development.
LCP Ireland client
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