Vol. 510 No. 2
121 Ms Hanafin asked the Minister for Social, Community and Family Affairs if the Pensions Board reported to him in view of its report, Securing Retirement Income; if a recommendation on the appointment of a pensions ombudsman has been proposed or recommended by the board; the plans or timetable, if any, for the introduction of relevant legislation; and if he will make a statement on the matter. [22090/99]
The Pensions Board report, Securing Retirement Income, on the national pensions policy initiative – NPPI – was published in May 1998. At the time of the publication of the report I set out the Government's response in Action on Pensions, a copy of which was furnished to each Deputy at the time. This response welcomed the broad thrust of the proposals and commented on the key recommendations.
I am pleased to say that the Government has already announced in July last that it intends to implement one of these key recommendations, namely, that the future costs of social welfare pensions should be partly pre-funded, and the details of this are currently being worked out by a working group, chaired by the Department of Finance.
In the 1999 Social Welfare Act, I provided for the board's recommendation to prohibit reductions in occupational pensions already in payment, arising from increases in social welfare pensions.
In relation to other proposals, working groups are examining key recommendations such as how best to increase occupational pensions coverage and the mechanism suggested for achieving this, namely, the personal retirement savings accounts, PRSAs, as well as the simplification of the pensions taxation regime. Other recommendations relating to access, vesting, preservation and revaluation of occupational pensions are also being examined and developed by the Department with a view to implementation. I will also be considering reports from the board arising from the report in relation to the treatment of pension scheme surpluses, equal treatment, the establishment of a pensions ombudsman and the introduction of a compensation fund. A report on the ombudsman is currently being prepared by the board.
I propose to give legislative effect to the NPPI report in a comprehensive occupational pensions Bill, which I hope to introduce as early as possible next year.
