Dáil Éireann Debate, Thursday - 27 September 2012
93. Deputy Terence Flanagan asked the Minister for Social Protection if he will respond to a query regarding the establishment of a national pension plan registry (details supplied); and if she will make a statement on the matter. [41226/12]
Amharc ar fhreagraTraditional employment practices where an employee works with the same organisation for their entire career through to retirement are no longer the norm and employees are more likely to accrue pension rights through a number of different employments during their working life. My Department recognises that worker mobility gives rise to the need to facilitate a mechanism which would assist a person trace their pension entitlements.
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 of representatives from the Pensions Board and the Revenue Commissioners has considered ways of facilitating a more enhanced pension tracing facility and 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.
The establishment of a dormant accounts type fund into which the accrued benefits of untraceable scheme members would be lodged will also be considered.
