Vol. 436 No. 2
64 Mr. Yates asked the Minister for Social Welfare if he will ensure that all existing rights and entitlements of contributors to pension funds will be safeguarded in the future, irrespective of the level of investment they make in unquoted Irish equities.
The Pensions Act, 1990 which came into effect in January, 1991 safeguards the interests of members of occupational pension schemes by setting down minimum standards which all schemes will have to comply with. It provides for a regulatory framework for the future supervision of pension schemes.
The provisions of the Act include the introduction of a statutory minimum funding standard for certain funded schemes, the mandatory disclosure of information to scheme members and clarification of the duties and responsibilities of scheme trustees. The Act also provides for the establishment of a new statutory board to monitor and supervise the new statutory requirements.
The new minimum funding standard is designed to ensure that, over a period, there are sufficient funds in a scheme to meet liabilities in the event of the scheme being wound up. Under the disclosure provisions the trustees of a scheme are required to produce annual reports and audited accounts of their scheme and to disclose a comprehensive range of other information to members concerning the operation and the financial procedures of the scheme. There are strict penalties for trustees of schemes who fail to comply with the regulations.
