Dáil Éireann Debate, Tuesday - 28 May 2013
425. Deputy Sean Fleming asked the Minister for Social Protection the reason the defined benefit schemes for public sector employees are exempt from the same funding standards that apply to defined benefit schemes in the private sector; and if she will make a statement on the matter. [24663/13]
View answerDefined benefit pension schemes are required to satisfy the Funding Standard requirements as set out in the Pensions Act 1990. Under EU law (Directive 2003/41/EC on the Activities and Supervision of Institutions for Occupational Retirement Provision, the Act provides that defined benefit pension schemes may be excluded from the requirements of the Funding Standard if they are Exchequer ‘pay as you go’ schemes or, in the case of a funded scheme, if it has a State guarantee. The schemes which are excluded from the requirements of the Funding Standard are set out in regulations.
