The process of obtaining approval as a PRSA provider is challenging and intensive.
We have brought 8 different providers through new product application process, with 6 of them becoming product provider for the first time also.
How we can help
We have assisted in the approval of over 35 different PRSA products and have been involved in all aspects of submissions. We can provide the guidance and expertise needed for any new PRSA application.
Our involvement would be to provide assistance in all aspect of the application process.
Click here to access a guide to the steps involved in product approval.
As well as the statutory role, many of the providers we worked with did not have in house expertise to bring a PRSA product to market and we were therefore involved in all aspects of the new business product development.
- Administration – assistance in development of processes, procedures and controls
- Marketing – Preparation of marketing material and website development
- Profitability testing – designing an appropriate pricing structure to meet profitability targets
- Investment options – ensuring an appropriate suite of investments funds
- Development - of the Default Investment Strategy
- System development – assistance to ensure appropriate regulatory disclosures are prepared. We can also provide an illustration system if required.
In the product approval process, we would expect to work very closely with the product provider to gain a thorough understanding of their aims and capabilities. Our approach will very much be driven by our client’s needs – for example, if there is a strong technical actuarial team within our clients company, we would tend to be less involved in illustration system development. However, for companies who have very little actuarial support, we can provide and integrate an illustration system or provide the necessary specifications and testing for an in house system to be built.
As an example of an online illustration system we have prepared for other clients (not PRSA related), click here.
LCP have always been able to find a solution to any query that we needed sorted. Between their “off the shelf” offerings and their ability to develop a system specifically for us we have never been left without a workable solution.
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.
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.
Want more information?
If you would like to know more about our services and how we can help you with PRSA get in touch.Contact us