David Stanton (Cork East, Fine Gael)
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Question 218: To ask the Minister for Finance the estimated amount charged for the collection, management and investment, and other services including the provision of advice services connected therewith, of contributions including AVCs and PRSAs and existing invested funds by insurance fund providers and intermediaries and other agents in each of the most recent three years for which data is available or can be estimated; if estimated, the basis of such estimates; if there are other significant fees on pension contributions earned by the financial services sector not explicitly comprehended in the amounts in question; and if he will make a statement on the matter. [41137/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The information requested by the Deputy is not available to my Department, as neither the Financial Regulator nor the Pensions Board collects such data.

The Deputy should note that the administration of pension schemes is primarily the responsibility of scheme trustees. Trustees are required to, at all times, act in the best interests of scheme members, with due regard being paid to the legislation governing the operation of pension schemes and the trust deeds and rules of individual schemes. In discharging their duties to members, trustees must ensure that they are achieving best value in terms of administration charges and other fees and commissions payable arising from the operation of pension schemes.

It should also be noted that the Financial Regulator published a Consultation Paper, Review of Remuneration Structures and Transparency, in January 2005 seeking views in relation to remuneration structures in the insurance market and also in relation to non-insurance investment products. This would include certain investment-type pension products. It sought views, on amongst other things, as to how the charging structures could be made simpler and clearer for the consumer and looked for suggestions as to what would be an appropriate measure of the impact of those charges and a means of comparing one product with another. The Financial Regulator's public response to the first phase of consultation was published on its website on 30 November setting out the questions that were posed as part of the review, the views received and the Regulator's response.

The Government is also committed to publishing a Green Paper on pensions as part of its commitments under Towards 2016. It is expected that this will be published by the end of March next year. Given the role which annuities play in delivering retirement incomes the Green Paper will include an examination of that market.