Dáil Éireann debate -
Thursday, 26 Jun 2003

Vol. 569 No. 5

Written Answers. - Pensions Board.

Breeda Moynihan-Cronin

Question:

17 Ms B. Moynihan-Cronin asked the Minister for Social and Family Affairs the reason for the spending of taxpayers' money on the new offices for the Pensions Board and the recent junkets by the board; and if she will make a statement on the matter. [17904/03]

Minister for Social and Family Affairs (Mary Coughlan)

The Pensions Board is a statutory body which is financed by fees payable by occupational pension schemes and PRSA providers. The main functions of the board are to supervise the operation of the Pensions Act and to advise on matters relating to pensions generally.

A review of the role and operations of the Pensions Board was completed in early 2001. A key element of the review was the role the board would play in development and implementation of measures recommended in the national pensions policy initiative which was published in 1998. The introduction of personal retirement savings accounts was a key element in the strategy recommended in the pensions initiative and it was decided to allocate responsibility for the development and subsequent regulation of this new product to the Pensions Board.

Allied to extra responsibilities for the Pensions Board came a need for additional staff, which was sanctioned in June 2001, and this in turn led to a requirement for additional office space. In February 2001 the Pensions Board availed of an opportunity to give notice that they intended to surrender the lease on their existing offices and sought new offices which could accommodate the revised staffing requirements. Following comprehensive analysis and consideration by the board, new premises were secured at Lower Mount Street, Dublin, and these were fitted out and occupied by the time the previous premises expired in November 2001.

The Deputy's reference to junkets is an unwarranted slur on the board which I absolutely reject. The meeting to which I assume the Deputy refers was arranged by the board and involved a full day discussion related to a mid-term review, with the help of a consultant, of the board's strategy, having regard,inter alia, to recent major changes affecting the pensions sector. I think it is appropriate that the board would review its operations from time to time and I have full confidence in the board and its management to conduct its business, including events of this sort, in a professional and effective way.