Michael McGrath
Question:72. Deputy Michael McGrath asked the Tánaiste and Minister for Social Protection the current status of plans for a central pensions register; and if she will make a statement on the matter. [9829/15]
View answerThursday, 5 March 2015
Questions (72)
Written answers
The Pensions Authority maintains a central register of all occupational pension schemes. Section 60 of the Pensions Act requires the trustees of a pension scheme to register the scheme with the Pensions Authority and regulations prescribe the details required for that registration. This includes the name of the scheme, the trustees and the sponsoring employer.
With respect to the possibility of a service to enable both employers and scheme members trace all entitlements to pension benefit when a person reaches normal retirement age, I am aware that every effort is being made by the trustees of pension schemes to locate a member of a scheme when a pension is due for drawdown. My Departments supports these efforts through the provision of a host mailing service to assist the trustees locate a scheme member.
It is not uncommon nowadays for employees to regularly switch jobs and accrue pension entitlement through a number of employments. Accordingly, it will become more common for prospective retirees to have to ‘trace’ their accrued pension entitlements from multiple employers over their working life. Measures have been put in place to build linkages between the Personal Public Service Number and the relevant pension schemes which will assist in the development of mechanisms to keep track of accrued pension entitlements. Engagement with the pensions industry on the development of a pension tracing service is ongoing.
Questions Nos. 73 and 74 withdrawn.