Léim ar aghaidh chuig an bpríomhábhar
Gnáthamharc

Pension Fund Data

Dáil Éireann Debate, Tuesday - 13 February 2018

Tuesday, 13 February 2018

Ceisteanna (148)

Donnchadh Ó Laoghaire

Ceist:

148. Deputy Donnchadh Ó Laoghaire asked the Minister for Finance if the Financial Services and Pensions Ombudsman or other offices of the State offer assistance to persons in finding lost pension funds belonging to successors. [7331/18]

Amharc ar fhreagra

Freagraí scríofa

Firstly, I must point out that the Financial Services and Pensions Ombudsman is independent in the performance of his statutory functions.  I have no role in the day to day workings of his office.

Under the Financial Services and Pensions Ombudsman Act 2017, the function of the Ombudsman in relation to pension schemes is to investigate allegations of financial loss occasioned to a potential beneficiary by an act of maladministration done by or on behalf of a pension provider.

Where an investigation by the Ombudsman establishes that a complainant has not received their correct entitlement under the rules of the scheme the Ombudsman can direct the scheme authorities to award such financial redress that will bring the benefits up to the level of the complainant’s entitlement.

The Ombudsman does not investigate a complaint where the complainant has not engaged with the pension provider concerned, and the pension provider has not been given a reasonable opportunity to deal with the complaint through the internal dispute resolution procedures of the provider concerned.

It is not a function of the Ombudsman (or of his predecessor, the Pensions Ombudsman) to provide a tracing service for former employees or their survivors who cannot locate the authorities in control of the pension funds of employers that no longer exist.

Before its merger with the Financial Services Ombudsman Bureau the Office of the Pensions Ombudsman would occasionally receive requests about tracing pension funds. Although it was not a function of the Pensions Ombudsman, his Office would endeavor to use the extensive experience that had been gained over the years to provide whatever assistance it could in response to such enquiries.  The Ombudsman has confirmed that he will continue in the same vein.

Barr
Roinn