Vol. 469 No. 5
198 Miss Harney asked the Minister for Social Welfare the plans, if any, he has to investigate the claims of an association (details supplied) into the operation of their income continuance scheme; the steps, if any, he proposes to take to regulate the operation of pension schemes in general: and if he will make a statement on the matter. [17681/96]
I would point out to the Deputy that pension schemes generally are regulated by the Pensions Act, 1990.
Income continuance schemes while closely allied to occupational pension schemes are in fact totally separate in their legal structure, status and operations. They are run by insurance companies and are quite separate from the pension scheme in any given employment.
They do not come within the remit of the Pensions Act and, accordingly, I would have no direct function or responsibility in relation to such schemes.
However, earlier this year I wrote to the Pensions Board setting out the various issues that I wanted them to place on their agenda during their five year term of office. One of the items I referred to was income continuance plans and I have asked the board to consider whether its remit, and that of the Pensions Act, 1990, should be extended to cover such schemes in future.
When the Pensions Board issues its report to me the matter will be considered further in that context.
