Pension Provisions

Dáil Éireann Debate, Thursday - 5 March 2020

Thursday, 5 March 2020

Ceisteanna (1163)

Éamon Ó Cuív

Ceist:

1163. Deputy Éamon Ó Cuív asked the Minister for Employment Affairs and Social Protection her plans to introduce legislation restoring the pre-2008 situation by which pensioners of semi-State companies had their pensions indexed to salary increases in the companies they worked for; her further plans to legislate for the right of pensioners of semi-State companies to be party to negotiations with their former employers in relation to pension matters; and if she will make a statement on the matter. [3326/20]

Freagraí scríofa

Minister for Employment Affairs and Social Protection (Regina Doherty)

My Department has no role in setting the level of pension increases received by members of occupational pension schemes, irrespective of whether those schemes operate in the semi-state sector or private sector.  Pension increases for occupational pensions are entirely a matter for the scheme trustees and the sponsoring employer to whom enquiries should be addressed. 

Scheme trustees have duties and responsibilities under the Pensions Act 1990, as amended, under trust law and under other relevant legislation.  The duties of pension scheme trustees include administering a scheme in accordance with the law and the terms of the trust deed and rules as well as ensuring compliance with the requirements that apply to these schemes.  Trustees must act in the best financial interests of the scheme members, whether active, deferred or retired, and must serve all beneficiaries of the scheme impartially.  If there is a conflict of interest then a person’s duty as a trustee must take precedence over other interests.

If any individual has evidence that pension scheme trustees are not acting in the best interests of scheme members they should complain to the scheme trustees in the first instance.  If the complainant is not satisfied with the trustees’ reply they should raise their concerns with the Pensions Authority.

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 a scheme is not in compliance with the provisions of the Pensions Act.  Where a pension scheme member is of the view that the scheme is not in compliance with legislative requirements he or she may make a formal complaint to the Pensions Authority.

Any further changes would require consideration and approval from Government.  

Any questions relating to access to the State's industrial relations machinery are a matter for the Minister for Business, Enterprise and Innovation.

I hope this clarifies the matter for the Deputy.