The Gazette 1990

GAZETTE

SEPTEMBER 1990

Association of Pension Lawyers Republic of Ireland Regional Group Activities update

The Pensions Act 1990 became law in late July. The composite of the ordinary membership of the Pensions Board was extended to include a representative of the legal profession. Many of our technical submissions on the sections of the Pensions Bill were also included in the Act. In late July the Minister for Social Welfare wrote to us asking us to nominate a representative of the legal profession for ordinary mem- bership of the Pensions Board. We have replied to the Minister sub- mitting our nominee to him. The Pensions Board will be appointed by the Minister in October. We held our first meeting on the 25th September. The September meeting had as its theme "The Pensions Act 1990 - An Update". We were delighted that Mr. Paul Kelly F.I.A., President of the Society of Actuaries in Ireland and Mr. Paddy Gallagher B.L. Chairman of the Irish Association of Pension Funds had agreed to address us. Mr. Paul Kelly concentrated on particular issues in the Pensions Act where a meaningful dialogue between lawyers and actuaries would be productive both for ad- visers on pension matters and for our mutual clients. Mr. Kelly stated that the first major challenge facing all advisers under the Pensions Act was to work within the spirit of the Act and not to seek to manipulate its provisions for short term gain. Mr. Kelly also made a plea for pragmatism and simplicity. Mr. Paddy Gallagher dealt with the significant legal differences between the Pensions Bill and the Act itself. Mr. Gallagher made valu- able comments on certain sections of the Pensions Act where there appeared to be some anomalies, lack of clarity and legal inconsis- tencies. Mr. Gallagher also made a plea for under regulation rather than over regulation under the Pensions Act. Mr. Gallagher felt that too much regulation could strangle the development of pensions and would only increase cost. At the end of the day the regulations might not close every loop hole. Both papers were well received by our members and we had some interesting questions raised from those in attendance. The Society of Actuaries in Ireland and the Irish Association of Pension Funds are IContd. on p.298)

Both solicitors and barristers attended the meeting and heard Addresses given by Mr. Brian McCracken S.C., Chairman of the National Pension Board, and Mr. Jonathan Seres, Sacker & Partners, London. Jonathan spoke on "The Similarities and Differences bet- ween the Republic of Ireland's Pensions Bill and the United Kingdom Experience". Brian spoke on "The Pensions Bill 1990". We were delighted to have at our Inaugural Meeting the Chairmanof the Association of Pension Lawyers, Mr. Tony Thurnham of Linklaters and Paines, London, the Secretary of the Association of Pensions Lawyers, Mr. Ian Pittaway of Nicholson Graham and Jones, and the Regional Director of the Association of Pension Lawyers, Mr. Trevor Clarke of Simpson Curtis, Leeds. The Chairman of the Genral Council of the Bar of Ireland, Nial Fennelly S.C. also attended. The President of the Incorporated Law Society of Ireland, Mr. Ernest Margetson, sent his apologies. There was welcomed support at the Inaugural Meeting fromvarious organisations involved in the Pensions Industry such asThe Irish Institute of Pension Managers, The Irish Association of Pension Funds and The Society of Actuaries in Ireland. With the publication of the Pension Bill 1990 in March our Regional Group had a lot of work to do! Immediately our Legislative and Parliamentary Sub-Committee under the Chairmanship of Michael Lane, of New Ireland Assurance Co. pic met to prepare submissions on the Pensions Bill. As a result of the Sub-Committee's work we made a submission to the Minister for Social Welfare, Dr. Michael Woods T.D., asking him to extend the ordinary membership of Pensions Board to include a repre- sentative of the legal profession. We also submitted to the Minister several technical submissions on specific sections of the Pensions Bill.

The Association of Pension Lawyers was formed in 1984 by a group of London lawyers special- ising in pension matters. These lawyers saw a need to bring together members of the legal profession (both barristers and solicitors) who provide expert services in all areas relating to pensions. Their aim was to repre- sent their interests, to meet the needs of their clients andmembers of pension schemes and to provide a forum to enable government and the media to make use of their skills. In 1989 the Main Committee of the Association of Pension Lawyers decided to promote the establish- ment of Regional Groups as the demand for more localised meet- ings was apparent. In December last the first Regional Group was formed in Birmingham. I travelled from Dublin to beat the first meeting. Early this year it was apparent that the promised Pensions Bill would shortly be published. There had been considerable activity in the pensions area in Ireland in 1988 and 1989 with the publication of the various Reports of the National Pensions Board. There was also increasing interest in pensions as it became clear to lawyers practising in private practice, at the Bar, in the Insurance Industry and Pension Consultancy firms that the forth- coming Pensions Act 1990 would be a significant piece of legislation. As a result of this interest two colleagues of mine in the Insurance Industry, Joan Flanagan (Solicitor) of Irish Pensions Trust Ltd., Michael Lane B.L. of New Ireland Assurance Co. pic and I decided to establish a Regional Group to promote the aims of the Association of Pension Lawyers in Ireland. On the 17th of May 1990 we held a most successful Inaugural Meeting in the Westbury Hotel. Prior to the formal addresses given by our guest speakers there was a most enjoyable finger buffet. All of those who attended took the opportunity to chat and meet one another!

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