Social Protection Committee to consider lack of transparency in pension charges

29 January 2013

It outlines the level of pension charges levied on occupational and individual pension arrangements, assessing whether charges are reasonable and transparent. Included in the report are recommendations to the Minister and the Government on the subject. Access report.

Committee Chair Joanna Tuffy TD says: “Tomorrow’s meeting provides our Committee with an opportunity to consider the first comprehensive Government report in pension charges. The report highlights a worrying lack of transparency in the pension system. While the process of saving for a pension cannot be cost free, excessive administration charges often serve to significantly reduce the level of income which individuals receive in retirement. The report notes that a culture of providing clear information in a simple manner is not evident. We look forward to hearing from officials tomorrow on the practical steps required to bolster public confidence in the pension system. ”

The meeting takes place tomorrow Wednesday 29 January at 1 p.m. in Committee Room 3, Leinster House 2000.
Committee proceedings can be viewed online via this link.

Ends
For further information please contact:
Paul Hand,
Communications Unit,
Houses of the Oireachtas,
Leinster House,
Dublin 2

P: +3531 618 4484
M: +353 87 694 9926
F: +3531 618 4551
paul.hand@oireachtas.ie


Committee Membership
Deputies:
James Bannon, Fine Gael
Ray Butler, Fine Gael
Joan Collins, People Before Profit
Clare Daly, Independent
Brendan Griffin, Fine Gael
Simon Harris, Fine Gael
Charlie McConalogue, Fianna Fáil
Nicky McFadden, Fine Gael
Jonathan O'Brien, Sinn Féin
Mary Mitchell O’Connor, Fine Gael
Aodhán Ó Ríordáin, Labour Party (Vice Chair)
Aengus Ó Snodaigh, Sinn Féin
Willie O’Dea, Fianna Fáil
Brendan Ryan, Labour Party
Joanna Tuffy, Labour Party (Chair)

Senators:
Jim D’Arcy
Fidelma Healy Eames
Marie Moloney
Averil Power
Diarmuid Wilson