Róisín Shortall (Dublin North West, Labour)
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Question 401: To ask the Minister for Social and Family Affairs if she will amend the funding standard. [39553/08]

Mary Hanafin (Dún Laoghaire, Fianna Fail)
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The Pensions Act provides for a Funding Standard which must be met on an ongoing basis by all defined benefit pension schemes. The Funding Standard requires that schemes maintain sufficient assets to enable them to discharge accrued liabilities in the event of a scheme winding up. Where schemes do not satisfy the Funding Standard the sponsors/trustees must submit a funding proposal to the Pensions Board to restore full funding.

The overall operation of the Funding Standard is discussed in the Green Paper on pensions and any changes proposed will be announced in the context of the framework for pensions which the Government has indicated it will announce by the end of the year.

However, in considering any amendments to the funding standard a balance must be struck between the long-term nature of pension savings and the need to, as far as we can, ensure the short-term security of the benefits already accrued by employees in a scheme.