Dáil Éireann Debate, Wednesday - 18 September 2013
595. Deputy Andrew Doyle asked the Minister for Social Protection her plans to have the Pensions Board renamed the Pensions Authority and its Chief Executive called the Pensions Regulator; the person she intends to appoint to act as her representative on the Authority, to work alongside the representative of the Minister for Finance; the process by which a chairperson will be appointed; and if she will make a statement on the matter. [37378/13]
View answerThe recommendations arising the Critical Review on the Pensions Board were approved by Government in April 2013 and were provided for in the Social Welfare and Pensions Act, 2013.
The governance structure of the Pensions Board is being restructured with two distinct arms as follows:
- Oversight of the Pensions Board will be undertaken by a three person body called the Pensions Authority, and
- A separate unpaid Pensions Council, with a majority of members representing consumer interests, will advise the Minister on pensions policy.
The Social Welfare and Pensions Act also provides for the change of name from the Pensions Board to the Pensions Authority and from the Chief Executive Officer to Pensions Regulator.
Under existing provision in the Pensions Act, the Chair and members are appointed by the Minister. Arrangements for the appointment of the members of the Pensions Authority are being considered at present. Following this process, the relevant provisions in the Act will be commenced to give effect to the name change of the Pensions Board to the Pensions Authority and to change the Chief Executive Officer to the Pensions Regulator.
