John Deasy (Waterford, Fine Gael)
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Question 926: To ask the Minister for Social and Family Affairs the action she plans to take to protect the pension entitlements of current employees of a company (details supplied) and former employees on deferred pensions, in the event of the company pension fund being wound up; and if she will make a statement on the matter. [2238/09]

John Deasy (Waterford, Fine Gael)
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Question 927: To ask the Minister for Social and Family Affairs the legal situation regarding pension entitlements of members of company pension schemes that are wound up; the entitlements of members of such a scheme currently in receipt of a pension; those members due a deferred pension and members currently contributing to such a pension scheme; and if she will make a statement on the matter. [2239/09]

John Deasy (Waterford, Fine Gael)
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Question 928: To ask the Minister for Social and Family Affairs the protection available for pension funds under relevant EU directives and resulting from a 2007 decision of the European Court of Justice (details supplied); and if she will make a statement on the matter. [2240/09]

John Deasy (Waterford, Fine Gael)
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Question 929: To ask the Minister for Social and Family Affairs when she plans to establish a pensions' protection fund to protect the entitlements of members of a pension scheme unable to meet its liabilities; and if she will make a statement on the matter. [2241/09]

Brian O'Shea (Waterford, Labour)
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Question 951: To ask the Minister for Social and Family Affairs the proposals she has to introduce a pension protection scheme; and if she will make a statement on the matter. [1343/09]

Mary Hanafin (Dún Laoghaire, Fianna Fail)
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I propose to take Questions Nos. 926 to 929, inclusive, and 951 together.

The pension rights of scheme members are protected through trust law and by provision in the Pensions Act 1990 as amended. As supplementary pension schemes are usually established under irrevocable trust, the assets of the scheme are legally separate from the assets of the employer and are not available to any other creditors where the employer becomes insolvent. Under trust law, trustees of occupational pension schemes have the principal responsibility for ensuring that the entitlements of the members are adequately protected and that they receive the pensions due to them.

In addition to the safeguards provided by trust law, the Pensions Act 1990 also provides for the regulation of pensions schemes in Ireland. Under the Pensions Act, defined benefit pension schemes must meet a minimum funding standard which requires that schemes maintain sufficient assets to enable them discharge accrued liabilities in the event of the 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 within three years. The Pensions Board can allow a scheme up to ten years to meet the standard in certain circumstances.

Should a scheme be wound up by its trustees, the Pensions Act 1990 (as amended) specifies how scheme assets are prioritised. In short, schemes first prioritise benefits that have accrued to members by way of additional voluntary contribution or transfer of rights from another scheme. Benefits being paid to retired members come next in the priority list, followed by benefits to current and deferred members of the scheme. The ruling in the Robins case concerned the transposition of Article 8 of Directive 80/987/EEC which provides for the protection of employees in the event of the insolvency of their employer. I should point out that, in its review of the transposition of that Directive, the Commission gave an assurance that Ireland had adequately transposed the provision in that Directive.

The Government is currently considering a number of options in relation to the ongoing security of occupational pensions. Any decisions made in this context will be considered as part of the development of a long term framework for pensions. Our overall objective is to deliver a pensions system which will provide an adequate income in retirement for everyone, while at the same time being affordable in the immediate and long-term future — a key consideration in the current economic environment.