Dáil Éireann Debate, Tuesday - 3 December 2013
147. Deputy Michael McGrath asked the Minister for Social Protection if she will ensure that the views of existing pensioners are taken into account in finalising the new priority order for defined benefit pension schemes; and if she will make a statement on the matter. [51292/13]
View answerThe issue of how the assets of a defined benefits pension scheme are distributed in the event of the wind up of a pension scheme has been the subject of considerable deliberation and consultation over the last few years.
As you are aware this is a complex and sensitive issue and required careful consideration before any change is made to the current wind up priority order.
The consultation process included engagement with stakeholder representative and engagement with external consultants who provided technical assistance in considering possible alternative approaches to how the assets of a scheme might be distributed on the wind up of a scheme.
The stakeholder consultation took place in 2012 and included representatives from the employers, trade unions, pensioners and the pensions industry. All representatives were invited to make submissions on the issue.
The amendments to the priority order as set out in the Social Welfare and Pensions (No. 2) Bill 2013 provides greater equity for all scheme beneficiaries and takes account of the concerns raised by all representative groups.
