Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context

Question 131: To ask the Minister for Finance if he will hold discussions with the pension industry with a view to securing a reduction in the fees charged or management and administration of pension funds as a means of offsetting the negative effects on pension values of the pension fund levy; and if he will make a statement on the matter. [36792/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

A working group was established last year to examine charges in the pensions industry. The group is chaired by the Department of Social Protection with representatives of the Central Bank and the Pensions Board. This study will provide an initial benchmark on the level of charges for different forms of funded supplementary pension arrangements and will provide information in relation to the disclosure of charges. These data have not been available to date so the study will provide valuable information to inform policy. I understand that it is intended to present the group's report to my colleague, Ms Joan Burton TD, the Minister for Social Protection, by end-August, following which appropriate decisions will be made on its contents and recommendations, and among other things, on the scope for productive interaction with the pensions industry in relation to offsetting the impact of the pension fund levy through reductions in fees or charges.