IAPF chairman Mr John Feely said the introduction into the Irish market early next year of personal retirement savings accounts (PRSA) would provide an excellent opportunity for Irish firms to expand into the occupational pensions sector at home and abroad.
Up to 6,000 new jobs could be created in the State if Ireland became a recognised European centre for managing occupational pension schemes, according to IDA Ireland.
Mr Brendan Logue, manager of IDA Ireland's financial services division, told an Irish Association of Pension Funds (IAPF) conference yesterday that Ireland could not afford to ignore the occupational pensions sector.
"This is the Holy Grail for the European financial services industry and we ignore the opportunity at our peril," he said.
He added the asset value of European occupational pension schemes is believed to be worth approximately €3 million.
He believes significant cost efficiencies could be made by centralising the industry and "Ireland should actively seek out the opportunity".
"This could be equivalent in size to the mutual funds sector which represents about 50 per cent of current IFSC activity," he told the conference.
Ireland has advantages that should be exploited in targeting the sector including its corporate tax structure, regulatory environment and availability of skilled actuarial, legal and fund management services.
