Michael McGrath (Cork South Central, Fianna Fail)
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Question 128: To ask the Minister for Social Protection if consideration has been given to merging the Pensions Board with the Financial Regulator; the associate savings that would be realised; and if she will make a statement on the matter. [36836/11]

Joan Burton (Dublin West, Labour)
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The Pensions Board is a regulatory body operating under the aegis of my Department. The statutory role of the Board is to monitor and supervise the operation of the Pensions Act 1990. The Act defines the functions of the Board as follows: · to monitor and supervise the operation of the Pensions Act and pensions development generally, including trust Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs). · to issue guidelines or guidance notes on the duties and responsibilities of trustees of schemes and codes of practice on specific aspects of their responsibilities. · to issue guidelines or guidance generally on the operation of the Pensions Act and on the provisions of the Family Law Act, 1995, and the Family Law (Divorce) Act, 1996, relating to pension schemes. · to encourage and support the provision of appropriate training facilities for trustees of schemes. · to advise the Minister on all matters relating to functions assigned to the Board under the Pensions Act and on matters relating to pensions generally and to undertake such tasks as the Minister may, from time to time, request.

The recently published Public Service Reform document identifies the amalgamation of the Pensions Board with the Financial Regulator as an issue for critical review by mid-2012. The McCarthy report also recommended the amalgamation of both agencies and a review was carried out at that time which concluded that such an amalgamation should not take place due to the crisis in the pensions and financial sectors and the limited savings which would accrue. My Department undertook to re-examine the feasibility of amalgamating both agencies in 2012. This review will take place within the required timescale.

It should be noted that the Pensions Board is funded by levies on pension schemes. Therefore, there would not be financial savings accruing to the Exchequer. However, until the review takes place, it is not possible to quantify if there are other efficiency gains to be achieved from such an amalgamation.