Brian O'Shea
Question:254 Deputy Brian O’Shea asked the Minister for Finance the position regarding the proposed pensions insolvency payments scheme; and if he will make a statement on the matter. [1043/10]
View answerTuesday, 19 January 2010
Questions (198)
Written answers
Section 22 of the Social Welfare and Pensions Act 2009 provides for a Pensions Insolvency Payment Scheme (PIPS) for the making of payments to or in respect of the relevant pensioners of participating pension schemes.
I have recently signed the statutory instrument giving effect to PIPS from 1 February 2010 for a pilot period of three years. From that date, it is open to any pension scheme that meets the criteria to apply to participate. The principal qualifying conditions for PIPS are that the sponsoring employer must be insolvent (in accordance with the definition used in the Protection of Employees (Employers' Insolvency) Act 1984) and the defined benefit pension scheme must be winding up in deficit.
Details of the application procedure and other guidance is being made available on my Department's website www.finance.gov.ie