Finian McGrath
Ceist:116 Deputy Finian McGrath asked the Minister for Social Protection her views on correspondence regarding pension fund managers (details supplied); and if she will make a statement on the matter. [11913/11]
Amharc ar fhreagraWednesday, 18 May 2011
Ceisteanna (93)
Freagraí scríofa
The Government supports and encourages people to make provision for an adequate income in retirement. It does this through the provision of a State pension (contributory) which is currently 33% approx. of the gross average industrial earnings and through generous tax relief on supplementary pension savings.
It is important that an individual's pension savings is invested wisely and that charges incurred in the administration of a pension scheme are minimised. The National Pensions Framework which was launched in March 2010 recognises the difficulty that people can have in understanding the various charges that can arise and how these charges are applied. In this regard, it was proposed in the framework to introduce regulations to increase the transparency of pension charges.
Following the publication of the framework, the Government established a number of groups to analyse all options in relation to the National Pensions Framework. These groups, comprising officials from a number of Government departments and agencies are charged with overseeing all elements of the implementation process. One of these groups is charged, among other things, with examining the options to bring greater simplification and transparency to the issue of pension charges.