Fidelma Healy Eames (Fine Gael) | Oireachtas source

The Minister might explain the fines regime for personal retirement savings accounts, PRSA. I commend the Minister on the pensions council. It is a good idea because the pensions area is very complex. Will the eight members the Minister is to nominate be from the industry? When will this happen? I know they will be unpaid but will they receive expenses?

Section 26 regards the direction and restructuring of a pension scheme. Has the Minister applied this in many cases? The area of pensions is a mess at present. Section 27 gives the Minister power to wind up a pension scheme that is underfunded. Will all members of the scheme be notified and what will happen to their contributions? This is a very big concern. I note the Minister stated that after 30 June, she will have an update on overall funding of schemes. Will she give the House a statement at that point?

That sums up my position. It is a very useful Bill with a great deal of housekeeping and wrapping up, but the Minister is dropping into a great number of areas. That is the reason I have so many questions.