Dáil Éireann Debate, Thursday - 6 October 2016
39. Deputy Clare Daly asked the Minister for Social Protection his views on whether it is appropriate that corporate trustees and trustees can withhold additional benefits to members of occupational pension schemes while securing indemnities for their personal well-being as the assets of the scheme deteriorate; his plans to deal with pension governance in this area; and if he will make a statement on the matter. [28778/16]
View answerAll dealings and decisions made by corporate or individual trustees of an occupational pension scheme are governed by legislation and enforced through the supervision of the Pension Authority.
Legislation together with the trust deed and scheme rules sets out the trustees’ duties and responsibilities. Trustees of pension schemes must act in the best financial interests of the scheme members and must serve all beneficiaries of the scheme impartially. If there is a conflict of interest then a person’s duty as a trustee must take precedence over other interests.
The rules governing the role of a trustee member are constantly being enhanced. The Pensions Authority is presently carrying out a public consultation process on proposals to impose higher standards for trustees. The transposition of the new EU Directive IORPS II within the next two years will further advance the duties and supervision of trustees.
I hope this clarifies the matter for the Deputy.
