Dáil Éireann Debate, Tuesday - 19 November 2013
323. Deputy Willie O'Dea asked the Minister for Social Protection the number of defined benefit pension schemes which were required to submit funding proposals to the Pensions Board by or since 30 June 2013 and which have submitted such proposals; the number of such schemes which have not submitted such proposals; and if she will make a statement on the matter. [49102/13]
View answer324. Deputy Willie O'Dea asked the Minister for Social Protection the numbers of defined benefit pension schemes which have started or completed the process of wind-up to date in 2013; and if she will make a statement on the matter. [49103/13]
View answerI propose to take Questions Nos. 323 and 324 together.
The number of defined benefit schemes that were due to submit funding proposals to the Pensions Board by June 2013 was 217, of which 82 are currently outstanding. The 135 schemes that have responded fall into one of the following categories:
1. Submitted a funding proposal
2. Submitted a positive Actuarial Funding Certificate
3. Have wound up, or have stated that they are going to wind up or that the employer has indicated that the scheme will wind up.
Defined benefit schemes are required to notify the Pensions Board when a scheme enters wind up. The duration for the disbursement of scheme assets in a wind up can vary and the Pensions Board monitors the process. Since 1 January 2013, 96 schemes have commenced wind up or have wound up.
The Pensions Board is in contact with all schemes to ensure compliance. Where schemes that are in deficit have failed to submit a funding proposal, the Pensions Board is assessing on a case by case basis whether to make use of its powers under the Pensions Act. These powers include prosecution of the trustees for non-compliance, issuing a unilateral Section 50 order (reduction in benefits) or ultimately ordering the trustees to wind-up the scheme.
