Tuesday, 21 February 2012
Department of An Taoiseach
International Financial Services Centre
Mary Lou McDonald (Dublin Central, Sinn Fein)
Question 94: To ask the Taoiseach the success the IFSC pensions working group has had in promoting Ireland as a prime location for centralised management of pension funds. [9205/12]
Enda Kenny (Taoiseach, Department of An Taoiseach; Mayo, Fine Gael)
Unlike other markets and activities undertaken in the IFSC, the cross-border pensions market is at an early development stage within Europe as a whole. To date, the success of the IFSC Pensions Working Group is evidenced by the development of Ireland’s Common Contractual Fund structure (CCFs), to compete with other jurisdictions for the pooling of pension assets. 18 CCFs have been authorised to date, with total assets of €7.25Billion.
Building on this success the IFSC Pensions Working Group is seeking to broaden the potential for using Ireland as a base for the centralised management of pension schemes, which it is expected would increase the numbers employed in providing services to pension schemes in areas such as administration, legal, actuarial, investment and other highly valued roles.