Dáil Éireann debate -
Tuesday, 30 May 2000

Vol. 520 No. 1

Written Answers. - Pension Provisions.

Nora Owen

Question:

294 Mrs. Owen asked the Minister for Social, Community and Family Affairs if he will quantify the financial results of his decision not to grant a statutory right to preservation and revaluation of pension benefits earned in respect of pre-1991 service for private sector occupational pension scheme early leavers, with regard to those people who were compelled to join these schemes; if he took this into account when making his decision; and if he will make a statement on the matter. [14923/00]

Minister for Social, Community and Family Affairs (Mr. D. Ahern)

I refer the Deputy to my reply to Question No. 432 of 10 May last.

As outlined in that reply, the pensions board, in reaching its decision not to recommend the extension of revaluation requirements to all pre-1991 service, expressed concern that there could be potential implications for the solvency of occupational pension schemes and a resulting loss of benefit for members, if all pre-1991 service was to be revalued.

I fully support the Pensions Board position in this regard and as I have already indicated, I propose to give legislative effect to the board's recommendations on preservation and revaluation in the forthcoming pensions Bill.