Dáil Éireann Debate, Wednesday - 23 May 2012
118 Deputy Regina Doherty asked the Minister for Social Protection if the probe into pension fund administration fees has been completed; when the recommendations will be made public; and if she will make a statement on the matter. [25716/12]
Amharc ar fhreagraI initiated a study on the level and transparency of pension charges associated with different forms of private pension arrangements because of concerns that pensions schemes and their members have in relation to the level of charges applied to their schemes and the lack of transparency around some of these charges.
My Department, in conjunction with the Pensions Board and the Central Bank, and with assistance from PricewaterhouseCoopers, are undertaking the study which will include consideration of the charges and expenses associated with funded defined benefit pension arrangements; defined contribution occupational pension schemes (insured and non-insured) including additional voluntary contributions in public sector schemes, retirement annuity contracts,Personal Retirement Savings Accounts (PRSAs) and buy out bonds.
The study will provide information which has not been available previously and will provide an initial benchmark in relation to the level and transparency of charges. This will be important in informing policy and in determining whether any further measures are required.
The report is currently being finalised and I expect it to be with me this Summer.
