Dáil Éireann Debate, Tuesday - 7 November 2017
83. Deputy Clare Daly asked the Minister for Employment Affairs and Social Protection the steps she is taking to limit the arbitrary powers of pension scheme corporate trustees; and if she will make a statement on the matter. [46415/17]
Amharc ar fhreagraAll dealings and decisions made by corporate or individual trustees of occupational pension schemes are governed by legislation and enforced through the supervision of the Pensions Authority.
Legislation together with the trust deed and scheme rules set out the trustees’ duties and responsibilities. Trustees of pension schemes must act in the best financial interests of the scheme members and must serve all beneficiaries of the scheme impartially.
The Pensions Authority’s Trustee Handbook lists numerous trustee responsibilities including chapters on payment of contributions; investing a scheme’s assets; payment of benefits; payment of fees; preservation and transfer of benefits; the minimum funding standard; disclosure of information; and equal pension treatment.
The rules governing the role of trustees are constantly being reviewed. The Pensions Authority carried out a public consultation in 2015 on proposals to impose higher standards for trustees.
Last year the Pensions Authority conducted a consultation process on the reform and simplification of pensions, the purpose of which is to impose higher standards on all occupational schemes. The transposition of the new EU IORPS 2 Directive by January 2019 will further advance the duties and supervision of trustees.
The Pensions Authority is the regulatory body charged with the supervision of pension schemes and has the necessary powers under statute to investigate the conduct of a pension scheme should it become aware that the trustees of a scheme are not in compliance with the provisions of the Pensions Act.
I hope this clarifies the matter for the Deputy.
