David Cullinane
Ceist:541. Deputy David Cullinane asked the Minister for Social Protection if it is regular practice for a pension scheme not to issue a current investment programme for two years. [41046/16]
Amharc ar fhreagraTuesday, 17 January 2017
Ceisteanna (541)
Freagraí scríofa
I recognise the importance of pension scheme trustees keeping their investment strategies under review.
Section 59(1B) of the Pensions Act requires trustees of a scheme, other than a small scheme, to:
(a) prepare and maintain a written statement of the investment policy principles applied to the resources of the scheme ,
(b) review the statement at least every 3 years, and
(c) revise the statement at any time following any change in investment policy which is inconsistent with the statement.
Following on from this, the Occupational Pension Schemes (Investment) Regulations require that the trustees of all schemes with more than 100 active and deferred members must prepare a Statement of Investment Policy Principles (SIPP). The SIPP must contain information on, (a) Investment objectives, (b) Investment risk measurement method, (c) Risk management processes, and (d) Strategic asset allocation.
In guidance the Pensions Authority recommends that trustees review investment strategy at a minimum every three years, and sooner in the event of any major change to the circumstances of the scheme.
I hope this clarifies the matter for the Deputy.
Question No. 542 answered with Question No. 533.