Dáil Éireann Debate, Thursday - 17 July 2014
361. Deputy Michael McGrath asked the Tánaiste and Minister for Social Protection her views on reports that large amounts of private sector pension assets are effectively unclaimed; her plans to simplify the pensions system to ensure beneficiaries receive their full entitlement; and if she will make a statement on the matter. [32482/14]
View answerIt is acknowledged that work patterns have changed significantly over the years. It is not uncommon today for employees to regularly switch jobs and accrue pension entitlements through a number of employments. It is recognised that it will become more common in future years for prospective retirees to have to ‘trace’ their accrued pension entitlements from multiple employers dating back over their working life. It is also recognised that a scheme member may change his/her address during their working life and that this will give rise to difficulties for the trustees of pension scheme when they are trying to discharge a person’s pension entitlement.
My Department currently provides a service to the trustees of pension scheme which assists them trace a scheme member by forwarding correspondence to the address recorded by the Department for a scheme member. This service can be accessed through the Pensions Authority website at http://www.pensionsauthority.ie/en/News_Press/News_Press_Archive/Host_Mailing_Service_for_tracing_pension_members1.pdf .
Consideration is being given to developing more streamlined mechanisms to assist both scheme trustees and individuals trace accrued pension rights. This will also include consideration being given to establishing a State fund into which companies who cannot trace former employees would lodge the accrued benefits.
