Vol. 546 No. 5
205 Mr. R. Bruton asked the Minister for Social, Community and Family Affairs the likely implementation date of the reduction of the vesting period for a pension scheme from five years to two years; if persons who are leaving a job at the present time will enjoy the protection of the new terms; and if he will make a statement on the matter. [32261/01]
At present, a member of an occupational pension scheme whose employment terminates otherwise than on death after 1 January 1991 and before normal pensionable age is entitled to a preserved benefit if he or she has completed at least five years "qualifying service", at least two of which have been completed since 1 January 1991.
The reduction in the vesting period from five years to two years is one of the proposals contained in the Pensions (Amendment) Bill, 2001, which is currently before the Seanad.
At this stage it is not possible to be definitive about the commencement date for this provision but the Government is committed to enactment of the legislation as early as possible in 2002.
