Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

388. To ask the Minister for Social Protection the grounds on which workers, on an individual basis, can be moved from a defined benefit pension system to another system without their agreement [25561/13]

Joan Burton (Dublin West, Labour)
Link to this: Individually | In context | Oireachtas source

Occupational pension schemes in Ireland are normally set up on a voluntary basis by a sponsoring employer. The pension scheme would generally be established under Trust. The trustees of such scheme have duties under trust law to carry out the trust in accordance with the law and terms of the trust deed and rules and at all times to act in the best interests of scheme members. In addition, the trustees are required to comply with their duties as set out in Part VI of the Pensions Act. These duties include a requirement to satisfy the Funding Standard as set out in the Pensions Act. Examples of this type of change may be from a defined benefit model to a defined contribution scheme or perhaps a form of hybrid scheme. Section 59E of the Pensions Act outlines, in relation to the bulk transfer of money or resources for a group of members, the responsibilities of trustees in relation to the provision of information and communication. It is generally expected that any change to pension provision would be carried out in consultation with the trustees of a scheme and representatives of scheme members and have regard to any employment contract that might exist for employees of the sponsoring employer. Any concerns that the scheme may be contravening the Pensions Act should be raised with the Pensions Board.