Pension Provisions.

Dáil Éireann Debate, Tuesday - 23 March 2010

Tuesday, 23 March 2010

Questions (440)

Joan Burton

Question:

561 Deputy Joan Burton asked the Minister for Social and Family Affairs the legal position of the estate of an annuity holder upon that annuity holder’s death; if the full outstanding value of the of the annuity accrues to the estate; if not, the reason for same; the way the framework for annuity holders here differs in this respect from those pertaining in other countries; and if she will make a statement on the matter. [12424/10]

Written answers

Minister for Social and Family Affairs (Deputy Mary Hanafin)

The Pensions Act, 1990 as amended, provides for the regulation of supplementary pension schemes. An annuity is a financial product which provides for the payment of a pension for a set period or for life and is not regulated by the Pensions Act. The regulation of annuities is a matter for the Minister for Finance.