Dáil Éireann Debate, Tuesday - 4 December 2018
631. Deputy Richard Boyd Barrett asked the Minister for Employment Affairs and Social Protection the regulations in place to oblige trustees of pension funds to regularly update their members; and if she will make a statement on the matter. [50149/18]
View answerThe Pensions Act 1990, as amended, requires trustees of occupational pension schemes in specified circumstances and within certain time limits to disclose certain information to members, prospective members, their spouses, other scheme beneficiaries, the Pensions Authority, and members' representative bodies.
The information to be provided by trustee to scheme members includes: (a) details about the constitution and rules of the scheme, (b) certain basic information about the scheme, and (c) details of an individual's benefit entitlements under the scheme.
The trustees of schemes must also arrange for actuarial valuations, valuation reports, annual audited accounts, annual reports and, where appropriate, an annual actuarial data return to be prepared and made available, subject to certain exceptions and alternatives. In addition, the Pensions Authority may request the trustees or the employer to furnish such information as it may require by notice in a written request. The Authority may impose time limits for the furnishing of such information.
Regulations under the Act, in particular S.I. No. 301/2006 - Occupational Pension Schemes (Disclosure Of Information) Regulations, 2006, as amended, sets out regulations for the disclosure of information by occupational pension schemes.
The Pensions Authority’s Trustee Handbook provides guidance for trustees on how to achieve compliance with the Pensions Act and other relevant legislation and includes a section on the disclosure of information requirements.
The Act and its regulations set down minimum requirements, which do not prevent trustees from providing more information or from making such information more readily available.
