David Stanton (Cork East, Fine Gael)
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Question 114: To ask the Minister for Social and Family Affairs the number of legal opinions commissioned by the Pensions Board in 2005, 2006 and to date in 2007; the cost of same; and if he will make a statement on the matter. [30439/07]

Martin Cullen (Waterford, Fianna Fail)
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The numbers and costs of legal opinions commissioned by the Pensions Board for the specified periods are: 2005 — 28 external legal opinions; total cost €118,160.10; 2006 — 26 external legal opinions; total cost €98,355.30; 2007 to date — 18 external legal opinions; total cost €60,292.69.

The Pensions Board is a statutory body established by the Pensions Act, 1990. It regulates occupational pension schemes and Personal Retirement Savings Accounts in Ireland as part of its statutory role to monitor and supervise the operation of the Pensions Act. The Board is responsible for regulating almost 101,000 occupational pension schemes with assets in the region of ninety billion euro and active membership of some 800,000 as at November 2007. These figures exclude additional voluntary contribution only schemes, death benefit only schemes, frozen schemes and schemes in wind-up.

The Board is also responsible for supervising the activities of 10 PRSA providers in relation to approximately one hundred and twenty thousand individual PRSA contracts, with current PRSA assets under management in excess of one billion euro.

Given that pensions issues are technically complex, and that legal certainty is a requirement of the work of a regulator, it is sometimes necessary to seek an external legal opinion. All external legal opinions commissioned by the Pensions Board are taken from a panel of six solicitor firms based on competitive tendering.