Dáil Éireann debate -
Wednesday, 2 Feb 1994

Vol. 438 No. 2

Written Answers. - Occupational Pension Schemes.

Frank Crowley

Question:

18 Mr. Crowley asked the Minister for Social Welfare if he proposes to introduce steps to ensure that an occupational pension provision is introduced as soon as possible in the case of those not adequately covered by income-related pensions under the present system.

Bernard J. Durkan

Question:

57 Mr. Durkan asked the Minister for Social Welfare his views on whether it is desirable to introduce legislation requiring specific benefits to be provided for through occupational pension schemes, with particular reference to the need to ensure that life benefit is payable in all cases; and if he will make a statement on the matter.

Bernard J. Durkan

Question:

58 Mr. Durkan asked the Minister for Social Welfare whether he has satisfied himself that all private pension schemes carry an indication of benefit accruing and, in particular, whether death benefit is payable in all cases; and if he will make a statement on the matter.

Minister for Social Welfare (Dr. Woods)

I propose to take Questions Nos. 18, 57 and 58 together.

An occupational pension scheme is a voluntary arrangement, organised by the employer to provide pensions and/or other benefits to one or more employees on retirement or to surviving dependants on death. There is no legal requirement on employers to provide pension benefits for employees under an occupational pension scheme. With the exception of public sector schemes, the State plays no part in determining the rules and benefits of such schemes. They are solely a matter for those directly concerned and I have no function in determining such benefits.

The Pensions Act, 1990, which I introduced and which came into effect in January 1991, safeguards the interests of members of occupational pension schemes by setting down minimum standards with which all schemes have to comply. It provides for a regulatory framework for the supervision of pension schemes. The provisions of the Act include the mandatory disclosure of information to scheme members and clarification of the duties and responsibilities of scheme trustees. The Act also provided for the establishment of the Pensions Board to monitor and supervise the new statutory requirements. The disclosure of information requirements provide that full information must be made available to members of occupational pension schemes, including information regarding benefit accruing.