Dáil Éireann debate -
Wednesday, 2 Feb 1994

Vol. 438 No. 2

Written Answers. - Private Pension Schemes.

Bernard J. Durkan

Question:

66 Mr. Durkan asked the Minister for Social Welfare if he intends to introduce any changes in private pension schemes with particular reference to operation of such funds for maximum benefit to the insured in all cases; and if he will make a statement on the matter.

Minister for Social Welfare (Dr. Woods)

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 which all schemes have to comply with. It provides for a regulatory framework for the future supervision of pension schemes.

The provisions of the Act include:

—a new statutory board called "An Bord Pinsean — The Pensions Board" to monitor and supervise the new statutory requirements,

—the compulsory preservation of pension entitlements of members who change employments and subsequent revaluation of such entitlements,

—a statutory minimum funding standard for certain funded schemes,

—the mandatory disclosure of information to scheme members,

—clarification of the duties and responsibilities of pension scheme trustees.

I have provided substantial protection for members' interests in occupational pension schemes by the provisions and implementation of the Pensions Act. Its operation will be kept under review.