Dáil Éireann Debate, Tuesday - 5 April 2011
188 Deputy Maureen O’Sullivan asked the Minister for Social Protection if there has been any examination by the Regulator or other relevant authority into the situation in Irish Life pensions department. [6826/11]
View answerThe Pensions Board is a statutory body set up under the Pensions Act, 1990.
The Board regulates:
occupational pension schemes,
trust RACs,
Personal Retirement Savings Accounts in Ireland.
This is done as part of the statutory role to monitor and supervise the operation of the Pensions Act. The Board also protects the interests of pension scheme members and encourages pension provision. The Board provides advice to the Minister for Social Protection on pension matters generally.
In order to ensure that its regulatory practices are efficient and that activities are directed to the most important and effective means the Board adopts a supervisory approach based on a hierarchy of risk priorities as follows:
1. scheme or PRSA assets or contributions being misappropriated
2. benefit entitlements being calculated incorrectly
3. defined benefit schemes being funded inadequately
4. non compliant investment of pension assets
5. insufficient information provided to members.
The Regulation team engages with regulated entities and their administration providers in order to assess levels of compliance based on the above priorities.
From 1 November 2008, the trustees of every scheme (including large trust RAC schemes) must appoint a registered administrator to provide various services to the scheme known as ‘core administration functions'.
The Pensions Board has supervision of pension administration requirements under the Pensions Act and reports that Irish Life currently meets its obligations as a registered administrator.
Where members of a pension scheme have any concerns about their pension rights they should in the first instance raise the matter with the trustees of their pension scheme. If they are not satisfied with the outcome they should raise the matter with the Pensions Board.
