Dáil Éireann Debate, Tuesday - 15 July 2014
85. Deputy Willie O'Dea asked the Tánaiste and Minister for Social Protection the number of pension schemes that have utilised the Social Welfare and Pensions (No 2) Act 2013 legislative provisions; when pensioners in Waterford Crystal will receive their pension entitlements; and if she will make a statement on the matter. [30817/14]
View answerAs the Deputy is aware, the Social Welfare and Pensions (No.2) Act amended the Pensions Act to change the manner in which the assets of a pension scheme are distributed in the event of the wind up of a scheme. It also broadened the options available to the trustees of a pension scheme when considering a restructure of scheme benefits under section 50 of the Pensions Act. These changes essentially provide for the sharing of the risk of scheme underfunding between all scheme members and beneficiaries. These changes came into operation from 26 December 2013.
Since the introduction of the legislation, the number of trustees who have notified the Pensions Authority of the wind up of a pension scheme is 13. These schemes would be subject to the changes provided for in the Social Welfare and Pensions (No.2) Act 2013. All notices issued by the Pensions Authority under section 50 of the Pensions Act to the trustees of a pension scheme to restructure scheme benefits have been on the basis of an application to the Pensions Authority from the trustees of a pension scheme. The Pensions Authority can issue a unilateral section 50 notice to the trustees of a pension scheme to restructure scheme benefits. The Authority has not exercised this power to date.
The Pensions Authority issued 14 section 50 notices to trustees of pension schemes this year. None of these notices availed of the additional option presented to trustees in the Social Welfare and Pensions (No 2) Act 2013. As the Deputy is aware the matters arising in relation to the Waterford Crystal pension schemes are scheduled for a hearing in the High Court. While I am very aware of the issues arising in this case, the Deputy will appreciate that in the circumstances, it is not appropriate for me to comment on this matter.
