Pension Provisions.

Dáil Éireann Debate, Thursday - 30 November 2006

Thursday, 30 November 2006

Questions (132, 133)

David Stanton

Question:

132 Mr. Stanton asked the Minister for Social and Family Affairs if the Pensions Board has plans to review whether pension schemes offered to directors and to trustees of pension schemes are offered on terms that are materially preferential to the arrangements available to the employees and members of schemes generally in view of a growing perception that some firms and trustees may be open to undue influence in certain circumstances; and if he will make a statement on the matter. [40996/06]

David Stanton

Question:

133 Mr. Stanton asked the Minister for Social and Family Affairs his plans to require directors and trustees of pension schemes not to belong to a scheme operated or administered by the firms and agencies responsible for the schemes operated on behalf of their employees or scheme members. [40997/06]

Written answers

Minister for Social and Family Affairs (Mr. Brennan)

I propose to take Questions Nos. 132 and 133 together.

Trustees have the main responsibility for the administration of occupational pension schemes and compliance with the statutory requirements that apply to these schemes. In discharging these duties trustees must act in the best interests of beneficiaries in accordance with the Pensions Act 1990 (as amended) and the trust deeds under which schemes operate.

The Pensions Board has been consulted in relation to the scenario outlined by the Deputy in his questions and it is not aware of any such practices in the pensions industry. However, if the Deputy can supply details of specific instances where this may have occurred, the matter will be fully investigated by the Board and action taken, where considered necessary.