Dáil Éireann Debate, Tuesday - 20 February 2018
56. Deputy Bríd Smith asked the Minister for Employment Affairs and Social Protection if proposed legislation on pension schemes will benefit persons in CIÉ or a company (details supplied) that faces threats to its pensions; and if she will make a statement on the matter. [8436/18]
View answerThe Deputy will appreciate that I cannot comment on issues relating to particular pension schemes. However, generally speaking, trustees of pension schemes have duties and responsibilities under the Pensions Act, under trust law, and under other relevant legislation. They must administer the trust in accordance with the law and the terms of the trust deed and rules. The provisions of the Pensions Act are enforced by the Pensions Authority so any issues or complaints in relation to a particular scheme should be notified to the Authority for action. The Pensions Authority will assess if there has been a breach of any legal obligations and take any necessary action if such a breach is found.
I intend to introduce a number of amendments to the Social Welfare, Pensions and Civil Registration Bill at Committee Stage which will ensure that a sponsoring employer cannot “walk away” at short notice from the company pension scheme. The amendments will provide for a 12 month notification period where an employer is seeking to cease making contributions to a scheme. They will also provide that, where a scheme is in deficit and a funding proposal is not been put in place in a timely manner, the Pensions Authority may direct steps to be taken to ensure that the scheme meets the funding standard .
I hope this clarifies the matter for the Deputy.
