Dáil Éireann Debate, Wednesday - 28 April 2021
665. Deputy Ged Nash asked the Minister for Social Protection further to Parliamentary Question No. 1204 of 21 April 2021, the date on which she wrote to the Pensions Council requesting that it consider the issue of pension costs in Irish schemes including issues with regard to the transparency of these costs; and if she will make a statement on the matter. [22032/21]
View answerI believe it is important that consumers have comprehensive and transparent information on costs and charges on pensions so that they can decide if investments represent value for money. Consequently, on 4 March 2021, I wrote to the Pensions Council asking them to consider the merits of introducing an initiative similar to the Cost Transparency Initiative in the UK for pension providers in Ireland.
Additionally, I asked the Council to consider whether such an approach is effective on a voluntary basis, or operates better on a mandatory basis such as is in place in Denmark and the Netherlands.
I look forward to hearing of the Pensions Council's deliberations on the matter.
I trust this clarifies the matter for the Deputy.
