asked the Minister for Social Welfare if he intends establishing a national pensions board as recommended in the first report of the National Pensions Board; and if he will make a statement on the matter.
31.
Ceisteanna—Questions. Oral Answers. - National Pensions Board.
8.
asked the Minister for Social Welfare the action, if any, he proposes to take to implement the recommendations in the first report of the National Pensions Board; and if he will make a statement on the matter.
I propose to take Questions Nos. 8 and 31 together.
The first report of the National Pensions Board which was published recently contains wide ranging proposals for the future regulation of occupational pension schemes under a number of headings. These include such areas as the funding and financial security of pension schemes; the transferability of members' pension entitlements; the disclosure of information to scheme members, the standards of administration of schemes and the general monitoring of pension scheme performance. The board also recommend the establishment of a national pensions board to monitor the implementation of the proposed new requirements and to advise on developments in pension schemes generally.
The process of consulting with the interests involved, i.e., the employers, trade unions and pension industry, in regard to the board's various recommendations, commenced immediately after the publication of the report. I expect that this process of consultation will be completed within a short period and I will then be in a position to bring forward definitive proposals on these matters.
Would the Minister agree that there is a need, as a matter of urgency, to bring in amending legislation regarding the disclosure of information to pension scheme members? This is causing great concern. If the establishment of a pensions board will have to await further consultation, perhaps the Minister would bring in legislation in advance of that.
I will be treating this as a matter of urgency. I set the middle of June for the completion of submissions and consultations. I did so purposely so that the information could be worked on during the summer and we would be in a position to go ahead in the autumn. I would not regard the setting up of a board as something which would delay that matter.
Would the Minister agree that there is a difference between establishing a board and bringing in the other necessary legislation that a board of such kind would obviously patrol and police?
Yes. The legislation will be brought in quite urgently. The board is not essential to the legislation. There could be other ways of monitoring even without a board. It is a matter which is receiving priority attention.