Róisín Shortall (Dublin North West, Labour)
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Question 193: To ask the Minister for Social and Family Affairs the reason she has reduced the annual fees payable by occupational pension schemes to the Pensions Board; and the cost of this reduction to the board in a full year. [46356/09]

Mary Hanafin (Dún Laoghaire, Fianna Fail)
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Section 25 of the Pensions Act 1990 (as amended) provides for the payment of annual fees by occupational pension schemes and PRSAs to the Pensions Board. Fees generated fund the day-to-day operations of the Board. The level of fees is reviewed each year and, on average, they have been revised every five years with the last increase occurring in 2003.

As the Pensions Board has a surplus for some years, the Board recommended to me that fees should be reduced by 7.5%. I strongly welcomed this recommendation as it reflects both the current financial position of the Board as well as providing a welcome respite to pension schemes which have been under strain. The fee reduction will be implemented from January 2010. The total estimated cost to the Board of the 7.5% fee reduction is €296,000 in 2010.