Dáil Éireann Debate, Tuesday - 9 July 2013
75. Deputy Timmy Dooley asked the Minister for Social Protection if she is concerned at the failure by a number of companies to submit to the Pensions Board plans for the way they intend to return their defined benefit pension schemes to surplus; and if she will make a statement on the matter. [33240/13]
View answerThe Funding Standard, which monitors the funding level of defined benefit pension schemes, was re-introduced in June 2012 and pension schemes were required to submit funding proposals to the Pensions Board by end June 2013. The Funding Standard had been in abeyance following the financial downturn in 2008, until June 2012. Many administrative and legislative measures were introduced during that period to assist the sustainability of defined benefit pension schemes.
The majority of schemes either already have a current actuarial funding certificate with the Pensions Board, in which case they do not have to submit a funding proposal, or they have submitted funding proposals. Of those have not met the deadline of 30 June, a number have been in contact with the Pensions Board with a view to submitting proposals very shortly. The Board will, in the coming days, be formally contacting schemes that have not submitted plans to ascertain their particular circumstances. The Board will decide what steps to take, scheme by scheme, on a measured basis and taking account of the individual scheme circumstances. However, it must be emphasised that trustees must meet their legal obligations, and ultimately the Pensions Board will use its regulatory powers where benefit underfunding is not properly addressed.
