As the Deputy is aware, the Pensions Council is a body established under Section 26B of the Pensions Act 1990. Its key role is to advise the Minister for Social Protection on matters relating to policy on pensions and to represent and protect the consumer interest. Both I and previous Ministers have asked the Council to give special attention to matters relating to charges.
In March 2021, I wrote to the Council asking it to consider the merits of introducing in Ireland an initiative similar to the UK’s ‘Cost Transparency Initiative’ for pension providers. The availability of comprehensive and transparent information on costs and charges is important and helps consumers to decide whether investments represent value for money. I also suggested that the Council consider whether such an approach is effective on a voluntary basis, as in the UK, or whether it operates better on a mandatory basis, such as in Denmark and the Netherlands.
I am pleased to confirm that the Council’s report has recently been completed and its recommendations are currently being considered by officials within my Department.
I hope this clarifies the matter for the Deputy.
