Vol. 346 No. 6
asked the Minister for Social Welfare if he is aware of calls from the Irish Congress of Trade Unions for the establishment of a pensions board, including trade union representatives, to supervise the operation of occupational pensions schemes; and if, in view of the very large amounts of employees' money being held in pensions funds and of the concern about the running of these schemes, the Government will agree to the establishment of such a board.
523.
asked the Minister for Social Welfare if he is aware that the 1981 survey of pensions schemes carried out by the Irish Association of Pension Funds revealed that 45 per cent of the schemes covered by the survey did not increase pensions in the course of payment, that a similar survey carried out by the British National Association of Pension Funds in 1982 indicated that 92 per cent of the schemes covered by the survey provided some form of increase in pensions after retirement; and if, in view of the fact that pension legislation in both countries evolved along similar lines until the seventies and since pension practice in both countries was historically similar, he will consider the introduction of legislation requiring pension schemes to provide adequate increases in pensions to persons in retirement in order to protect the real value of their pensions.
I propose to answer Questions Nos. 522 and 523 together.
It is part of the programme for Government to initiate a national income-related pension scheme and proposals in this regard will be published in the form of a White Paper. It is intended that the proposals will include the establishment of a pensions board representative of all the interests involved, including trade union organisations, which would advise on the standards and conditions which should apply in occupational pension schemes and have the subsequent task of overseeing the development of these schemes in line with whatever standards might be adopted. It is envisaged that the overall question of the security of occupational pension schemes and the protection of benefits against inflation would be among the matters to be examined.
