What are Irish schemes doing to tackle the challenges they face, and how does this compare to the rest of the world? To learn more, download the full findings from Aon's 2019 Global Pension Risk Survey above.
Welcome to the 2019 Global Pension Risk Survey, which includes information in respect of the Irish responses.
Aon carries out the Global Pension Risk Survey every two years and, looking back over the last decade, we can see how the pensions landscape has developed. Ten years ago, schemes were dealing with the fallout from the global financial crisis, and over the following years, increasing numbers of schemes restructured by, primarily, either winding up or closing to accrual in response to rising costs.
As a result, ongoing schemes began to set their sights on long-term, lower-risk destinations, but market conditions and rising longevity seemed to conspire against making progress.
The majority of schemes in funding difficulties entered into long-term funding proposals (recovery plans) of up to 10 years. Many of these funding proposals have now come to an end or are entering their last few years of deficit contributions. So now is a good time for schemes to think about next steps and set long-term goals. This long-term planning — as with other strategies and approaches — is mirrored around the world and not specific to Ireland.
The remainder of this report sets out how Irish schemes are, in general, positioned in comparison to the rest of the world.
Download the full findings from Aon's 2019 Irish Global Pension Risk Survey above.
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