Dáil Éireann Debate, Wednesday - 20 September 2017
719. Deputy Clare Daly asked the Minister for Employment Affairs and Social Protection her plans to improve the scrutiny of pension trustees, in particular regarding situations in which they close a scheme to distribute the assets in a fair and timely fashion. [39721/17]
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. Earlier this year the Pensions Authority carried out a public consultation process on proposals to impose higher standards for trustees. The transposition of the new EU Directive IORP II by January 2019 will also further advance the duties and supervision of trustees.
I hope this clarifies the matter for the Deputy.
