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

448. To ask the Minister for Social Protection if any analysis has been made of the number of defined benefit schemes here that are insolvent or in danger of being insolvent. [27567/13]

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

The mechanism for monitoring the funding level of defined benefits pension schemes (the Funding Standard) was in abeyance following the financial downturn in 2008, until June 2012. With the re-introduction of the Funding Standard in June 2012, pension schemes are required to submit funding proposals to the Pensions Board by end June 2013.

It is not possible to estimate how many schemes are insolvent as trustees may take a number of actions to secure the future viability of their schemes. This may include measures such as benefit cuts, increased contributions or longer working. In relation to schemes that are under-funded, it is estimated that in excess of 70% of defined benefit pension scheme are underfunded. However, following the submission of funding proposals to the Pensions Board by the end of June this year, it should be possible to give a more accurate position on the funding level of defined benefit pension schemes.