Robert Molloy
Question:719 Mr. Molloy asked the Minister for Social Welfare the reason there is no competition in the supply of pension schemes within the work place; and if he will make a statement on the matter. [15075/96]
Written Answers. - Pensions Schemes Competition.
A private occupational pension scheme is an arrangement organised by an employer to provide pensions and/or other benefits to one or more employees on retirement or to surviving dependants on death. A scheme may be on a defined benefit or a defined contribution basis. There is no legal requirement on employers to provide pension benefits or offer a choice of pension benefits to employees under an occupational pension scheme. It is an entirely voluntary arrangement and, while I agree with the desirability of making schemes as flexible as possible, I have no plans, at present, to change the voluntary aspect of this arrangement.
I understand employers establishing pension schemes have a wide variety of choice in the types of scheme they may establish and in the pension products on offer.