James Breen
Ceist:725 Mr. J. Breen asked the Minister for Social and Family Affairs the action the Government will take to ensure fair treatment of persons (details supplied); and if she will make a statement on the matter. [25022/03]
Written Answers. - Pension Provisions.
The interests of members of occupational pensions schemes and holders of personal retirement savings accounts, PRSAs, are protected by the Pensions Act 1990, as amended. This Act contains a wide range of provisions governing the operation of schemes and the rights of scheme members.
The operation of the Act is monitored by the Pensions Board, which aims to promote the development of efficient national pensions structures and to promote the security and protection of members' entitlements and interests. The board, for example, investigates complaints it receives relating to the operation of schemes to establish compliance with the Pensions Act.
More recently I have set up the Office of the Pensions Ombudsman which investigates and determines complaints made by or on behalf of beneficiaries of occupational pension schemes or PRSAs who allege that they have suffered financial loss as a result of maladministration by those charged with managing these arrangements. The pensions ombudsman may also investigate and determine any dispute of fact or law brought to his attention that arises from the actions of those administering occupational pension schemes or PRSAs.
The pensions ombudsman may give such directions as he considers necessary or expedient to resolve a dispute. His directions can include a financial settlement to cover the actual financial losses incurred by the person making the complaint.
I am satisfied that adequate arrangements are in place to monitor the operation of pension schemes and PRSAs and to investigate and adjudicate on complaints which may arise from the administration of these schemes.