The Times - "Regulator to up scrutiny of personal pensions"

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ClubMan

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Regulator to up scrutiny of personal pensions​

Brendan Kennedy, the Pensions Authority chief, says personal retirement savings accounts are a key focus after rapid growth in funds

The Pensions Authority is increasing scrutiny of personal retirement savings accounts (PRSAs) in response to the boom in assets held by the funds in the past two years.
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“In response to the increase in PRSA contributors and assets, we are increasing the oversight of PRSAs,” he said. “This will include gathering more data, to underpin better risk assessment, and identifying areas of concern for further examination.”
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The Pensions Authority said its focus on the individual savings vehicles was intended to safeguard retirement assets and provide a consistent level of regulatory protection for PRSA holders and members of occupational schemes.
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Sounds a bit vague?
 
Why? "Up scrutiny" is basically what Kennedy said about "increasing oversight"?
 
Also...
In recently published remarks delivered to the National Pensions Summit late last month, Brendan Kennedy, chief executive of the Pensions Authority, said it was tightening up supervision of all pension schemes, but singled out PRSAs as a particular area of concern.
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With the Government deciding to a) allow 'unlimited' company contributions to PRSAs (and then rowing back on it) b) then, whipping the Nation into a frenzy on all pensions with the MFF advertising campaign and c) not going far enough on making investing outside a pension attractive, we're wondering what's going on.

We're collecting so much money in initial and ongoing fees from providers of PRSAs plus the ongoing 0.05% of AMC (adding to the overall cost burden to the consumer) that maybe we've gone too far on this. But, we'll just put an additional reporting cost burden now on the providers and intermediaries with the colllection of more data.
 
ClubMan said:
PRSA = Personal Retirement Savings Account
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A RAC (traditional personal pension) and PRSA are two different things, that are used often interchangeably.

I think the worry is about the rapid rise in fund values. Mine has gone up from 400 to +600k in the last 4 years or so. It is certainly not from me putting money into it. As things stand I don't believe this is sustainable, it has all the hallmarks of a bubble. However, what the Irish Regulator can do on an world wide issue is limited. They can make sure the 'I's are dotted and the 'T's crossed, but this is their job anyway... I wonder if AE has the government worried a crash might have the 'punters' out protesting.
 
A PRSA isn't a RAC/PPP "Personal Pension Plan" but it certainly is a personal pension.
 
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