Éamon Ó Cuív (Galway West, Fianna Fail)

The Government has introduced a range of measures to protect the interests of members of defined benefit schemes. In December 2008 a number of measures were introduced to ease the funding pressures on defined benefit schemes. These measures mean the Pensions Board can now grant additional time for the preparation of funding proposals aimed at restoring pension funds; deal as flexibly as possible with applications for approval of funding plans; allow a longer period for recovery plans - more than ten years in appropriate circumstances; allow the term of a replacement recovery plan to extend beyond the end date of the original plan where the scheme is part way through a previous recovery plan but is off-track due to investment losses; and take into account voluntary employment guarantees in approving recovery plans.

In order to ensure these extensions are not seen as a weakening of supervision the Pensions Board will reject recovery plans which fail to demonstrate an appropriate investment approach. The operation of these arrangements will be reviewed by the Pensions Board no later than January 2011.

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