Vol. 396 No. 2
33 Mr. R. Bruton asked the Minister for Social Welfare whether he has had discussions with any of the members of the H. Williams pension fund, with their trade union or with the trustees or administrator; and if he will make a statement on the matter.
The administration and operation of private occupational pension schemes is the responsibility of the trustees and administrators of such schemes. As Minister for Social Welfare I have at present no statutory function in regard to the control and regulation of such schemes. I have had no discussions with any of the interests involved in the pension scheme of the H. Williams group.
Private occupational pension schemes are invariably set up as trust funds and accordingly their administration is subject to the general body of law relating to trusts. Under such law the trustees are responsible for the administration of the trust on behalf of the beneficiaries. If the members of the scheme have reason to believe that their scheme is not being administered in accordance with the trust deed or is being mismanaged, they may seek redress through the courts by suing for breach of trust or seeking an order removing the trustees. They may also seek to have their rights to information enforced through the courts, if necessary, in accordance with trust law. Any intervention on my part in a situation which is ultimately a matter for the courts and in relation to which I have at present no statutory function would not be appropriate.
The National Pensions Board have concluded that the protection afforded to the interests of members of pension schemes under trust law is not satisfactory. Accordingly, they recommended that detailed provision be made in a Pensions Act to afford more comprehensive and specific protection to members' interests in this regard.
It is my intention to shortly introduce before the House a Bill designed to provide the type of additional protection for the interests of members of occupational pension schemes recommended by the Pensions Board. This major and complex legislation will complement the provisions of trust law and provide for the comprehensive and detailed regulation of occupational pension schemes which is lacking at present.
