Dáil Éireann Debate, Tuesday - 20 October 2020
414. Deputy Seán Canney asked the Minister for Social Protection her views on the reintroduction of the debt on the employer concept in social welfare and pension legislation to ensure effective protection for pensioners in Ireland; and if she will make a statement on the matter. [31520/20]
View answerIn Ireland, occupational pension schemes are generally set up under trust and are maintained by the employer on a voluntary basis. The trust deeds and rules of a scheme differ from one to another and, as with any contractual situation, reflect the level of obligation on the parties involved. While the Pensions Act 1990 provides a framework for the regulation and supervision of occupational pension schemes, it does not impose any requirement on an employer to fund scheme benefits or maintain an existing scheme. It is important to note that there has never been debt on employer legislation in effect in Ireland.
To introduce legislation of this nature would be very complex and would require very careful consideration given the impact it could have on employers and ultimately their willingness to sponsor occupational pension schemes.
My Department, in conjunction with the Pensions Authority, is continuing to actively monitor the defined benefit regulatory regime to ensure it appropriately balances fairness between all generations of scheme members with the need to help sponsoring employers, employees and scheme trustees maintain the sustainability of their pension schemes.
I hope this clarifies the matter for the Deputy.
