Regina Doherty (Meath East, Fine Gael) | Oireachtas source

I propose to take Questions Nos. 41 and 75 together.

Second Stage of the Social Welfare, Pensions and Civil Registration Bill 2017 concluded on 4 October 2017 and Government approval to draft provisions for a number of additional items to be included in the Bill on Committee Stage was obtained from Cabinet. These provisions are currently being finalised by the Office of the Parliamentary Counsel. They include, among other matters, provisions related to defined benefit pensions and measures related to the General Data Protection Regulation, GDPR.

A key priority for the Government is to provide additional protections for scheme members’ pension benefits. However, it is essential that any new measures recognise the current pension landscape in Ireland so that a balanced, proportionate approach is developed and that unintended negative consequences do not arise. Under existing pensions law, there is no legislative obligation on the employer to make contributions to a scheme. However, the provisions of this Bill will introduce a new regime into the Pensions Act 1990 which will, among other things, enable the Pensions Authority to make a funding obligation direction specifying payments to be made by a sponsoring employer to the pension scheme where no agreement was reached, within a specified time period, to resolve a funding deficit.

In order to achieve a balanced approach it has been necessary to consult with and obtain numerous legal advices from the Office of the Attorney General in respect of the DB provisions. The Bill was provisionally scheduled for Committee Stage on 31 May. This has been postponed to allow for the finalisation of the necessary Government amendments. These provisions are quite technical and complex. However, work is at an advanced stage and when complete an early date for Committee Stage will be requested from the committee.

Finally, many of the provisions contained within the EU directive on institutions for occupational retirement provision, IORP II, will also support positive reform of the Irish occupational pensions sector. Implementation of the directive will require legislative changes and my officials, together with the Pensions Authority, are working on the transposition process to ensure that the necessary amendments to existing laws, regulations or administrative provisions will be made to give full effect to the directive.

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