Cormac Devlin
Question:525. Deputy Cormac Devlin asked the Minister for Social Protection the status of the pension increase due to workers (details supplied); and if she will make a statement on the matter. [28578/20]
View answerTuesday, 6 October 2020
Questions (525)
Written answers
The Deputy will appreciate that I am unable to comment or intervene on issues relating to a particular pension scheme.
My Department has no role in setting the level of pension increases received by members of occupational pension schemes. Pension increases are entirely a matter for the scheme trustees and the sponsoring employer. Matters directly related to former Eircom, Telecom Éireann, and P&T groups come under the remit of the Department of Communications, Climate Action and Environment.
Trustees of occupational pension schemes have duties and responsibilities under the Pensions Act 1990, as amended, under trust law and under other relevant legislation. The duties of pension scheme trustees include administering a scheme in accordance with the law and the terms of the trust deed and rules as well as ensuring compliance with the requirements that apply to these schemes. Trustees must act in the best financial interests of the scheme members, whether active, deferred or retired, 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.
I trust this clarifies the matter for the Deputy.