Dáil Éireann Debate, Tuesday - 19 January 2010
261 Deputy George Lee asked the Minister for Finance the protection that is provided to employees by legislation when a pension scheme (details supplied) is wound down; and if he will make a statement on the matter. [1195/10]
Amharc ar fhreagraSection 22 of the Social Welfare and Pensions Act 2009 provides for a Pensions Insolvency Payment Scheme (PIPS) for the making of payments to or in respect of the relevant pensioners of participating pension schemes. The Act does not provide for the inclusion or exclusion of any particular pension scheme in PIPS.
I have recently signed the statutory instrument giving effect to PIPS from 1 February 2010 for a pilot period of three years. From that date, it is open to any pension scheme that meets the criteria to apply to participate. The principal qualifying conditions for PIPS are that the sponsoring employer must be insolvent (in accordance with the definition used in the Protection of Employees (Employers' Insolvency) Act 1984) and the defined benefit pension scheme must be winding up in deficit.
Details of the application procedure and other guidance is being made available on my Department's website www.finance.gov.ie
