Terence Flanagan
Question:88 Deputy Terence Flanagan asked the Minister for Social Protection her plans regarding pension funds (details supplied); and if she will make a statement on the matter. [23546/12]
View answerThursday, 10 May 2012
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Written answers
I initiated a study on the level and transparency of pension charges associated with different forms of private pension arrangements because of concerns that pensions schemes and their members have in relation to the level of charges applied to their schemes and the lack of transparency around some of these charges.
As a result my Department, in conjunction with the Pensions Board and the Central Bank, and with assistance from PricewaterhouseCoopers, are undertaking a study on the level of pension charges and expenses associated with different forms of private pension arrangements. The study includes the range of pension arrangements: funded defined benefit pension arrangements; defined contribution occupational pension schemes (insured and non-insured) including Additional Voluntary Contributions in Public Sector Schemes; Retirement annuity contracts and Personal Retirement Savings Accounts (PRSAs).
The focus of the study is on those charges or expenses that have the effect of reducing members' or employers' contributions or investment returns.
The study will provide information which hadn't been available previously and will provide an initial benchmark in relation to the level and transparency of charges. This will be important in informing policy and in determining whether any further measures are required.