Dáil Éireann Debate, Tuesday - 8 October 2013
320. Deputy Patrick Nulty asked the Minister for Social Protection the measures she is planning to take to support defined benefit pension schemes that are currently in existence in order that the pensions of current pensioners and future pensioners in these schemes are protected; and if she will make a statement on the matter. [42076/13]
View answerI am very aware of the serious funding challenges facing pension schemes at this time. It is acknowledged that the fundamental problems facing defined benefits schemes are due to the requirements to fund increasing life expectancy as well as the impact of the recession which has resulted in lower than expected investment returns.
The trustees of pension schemes are required to maintain sufficient assets in a pension scheme to meet the scheme liabilities in the event of the wind up of a pension scheme and to assess the funding position of the scheme on an annual basis. If the scheme fails to satisfy the Funding Standard the trustees are required to submit a funding proposal to the Pensions Board indicating how scheme funding level will be restored. The Pensions Board provides support to the trustees of pension schemes in maintaining sustainable pension provision.
I am considering a wide range of options in relation to pensions policy, including defined benefit provision and will be discussing those options with my Government colleagues in the near future.
