I propose to take Questions Nos. 343 and 354 together.
My Department, in conjunction with the Pensions Board and the Central Bank, and with assistance from PricewaterhouseCoopers, is undertaking a study on the level of pension charges and expenses associated with different forms of private pension arrangements. The study includes the range of pension arrangements: 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 and Personal Retirement Savings Accounts. The focus of the study is on those charges or expenses that have the effect of reducing members' or employers' contributions or investment returns. The study does not include the costs associated with the wind-up of a scheme. The study will provide information which had 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. Pension schemes are obliged to make every effort to trace all members of a scheme when their entitlements become due. My Department supports this by providing a mail hosting service for pension schemes that are unable to locate scheme members. This service operates by sending a letter to a person's last known address asking them to make contact with their pension company. A group chaired by my Department and comprising representatives from the Pensions Board and the Revenue Commissioners has considered ways of facilitating a more enhanced pension tracing facility. As a result, my Department is working closely with the Revenue Commissioners to put in place an automated solution to capture the required data which will facilitate a person to trace his or her accrued pension rights in former employment. A decision on whether to charge for this service has yet to be made.