Dáil Éireann Debate, Wednesday - 1 February 2023
97. Deputy Emer Higgins asked the Minister for Finance if he will consider amending the Financial Services and Pensions Ombudsman Act 2017 to assist people who feel their pension was devalued by mismanagement through wind up (details supplied) but who cannot be assisted by the Ombudsman because the pension scheme in question no longer exists; and if he will make a statement on the matter. [5286/23]
Amharc ar fhreagraThe Office of the Financial Services and Pensions Ombudsman (FSPO) was established under the Financial Services and Pensions Ombudsman Act 2017 (“the Act”) to resolve complaints about the conduct of financial service providers and pension providers.
The FSPO can, subject to time limits, investigate a complaint submitted by an individual pension scheme member, where financial loss has been suffered by the member, as a result of the miscalculation of the complainant’s pension benefit entitlements, owing to maladministration by the pension provider.
A grievance concerning the impact on the overall value of a pension scheme, arising from a company wind-up, is not however a matter that falls within the jurisdiction of the FSPO.
The Pensions Act 1990 sets out the obligations and responsibilities regarding the wind-up of pension schemes. The Pension Authority is the relevant regulatory body to ensure compliance with the requirements of the Act in such an instance.
As such, I do not intend to amend the Financial Services and Pensions Ombudsman Act 2017 in relation to this specific matter.
The Pensions Authority, which is a body under the aegis of the Department of Social Protection, has detailed information on its website in relation to the winding up of a scheme.
