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Pension Provisions

Dáil Éireann Debate, Wednesday - 7 December 2016

Wednesday, 7 December 2016

Questions (159)

Bobby Aylward

Question:

159. Deputy Bobby Aylward asked the Minister for Social Protection the reason for the delay in the issuance of a second lump sum payment of a pension scheme into the estate of a deceased person (details supplied); if he will ensure that procedural difficulties in respect of this specific payment are promptly resolved in order that it can be issued without further delay; the timeframe in respect of the time it will take to resolve such procedural difficulties and issue the payment; and if he will make a statement on the matter. [39062/16]

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Written answers

I am glad to confirm that the payment to the estate of the named person will be paid this Thursday 8th December 2016.

Where a scheme member dies prior to reaching pension age a once-off actuarial value of monies in respect of the member’s pensionable service to the date of death, in accordance with guidance issued by the Society of Actuaries in Ireland and the Pensions Authority, is discharged through the personal representatives of the deceased. Processing of these payments takes time as the calculations are complex and must be done by an actuary to ensure that the correct amount is paid.

I hope this clarifies the matter for the Deputy.

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