Successful launch
of a new PRSA Product
Case studies
The background
A medium sized investment firm needed to respond to a rapidly changing pension framework following the launch of the Roadmap for Pensions (2018) and the Pensions Authority consultation and review on the future pension landscape (2017). They understood that developing a PRSA product was critical to their future operations.
Our solution
LCP have acted as PRSA Actuaries since the introduction of the PRSA in 2002. We were expertly positioned to help our client develop a solution. Our solution included,
- Conducting a PRSA market review
- Analysis of suitable PRSA pricing
- Support in product application
- Establishment of appropriate PRSA Operations
- Training of personnel
- Develop and maintain systems for control, governance and oversight of the PRSA
- Ensuring compliance with legislative and actuarial requirements
The results
Prompt approval from the Pensions Authority and Revenue for the new license was received to enable the provider enter the market.
I have had dealings with LCP for over 10 years.
I have found their technical capabilities, problem solving mindset and overall service levels to be of the highest calibre.
They conduct their business in a very accessible and approachable manner and turn queries around in exceptional timeframes, all of which contributes to the smooth operation of our PRSA.
At all times they strive to address issues and queries in a considered and commercial way and will always present alternatives where appropriate.
We would have no hesitation in recommending LCP, particularly Fergus Collis and John Lynch, for their PRSA actuary and wider associated services.
How we can help
Transfers from occupational pension schemes to a PRSA require a certificate of comparison and written statement before they can be implemented.
Accurate projection of retirement benefits is an important disclosure requirement under PRSA and occupational pension scheme legislation.
The process of obtaining approval as a PRSA provider is challenging and intensive.
We currently act as PRSA actuarial consultants to 8 PRSA providers. As a result, we have significant experience of conducting compliance reviews for PRSA business.
