Michael McGrath (Cork South Central, Fianna Fail)
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389. To ask the Minister for Social Protection if, in the event that the provisions of the Social Protection and Pensions (No. 2) Act 2013 result in a more favourable outcome for members of a scheme which previously had a section 50 approved by the Pensions Board, she envisages that the legislation can now be applied to those scheme members; and if she will make a statement on the matter. [1522/14]

Joan Burton (Dublin West, Labour)
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The Social Welfare and Pensions Act 2013 amended section 50 of the Act to broaden the options available to the trustees of a pension scheme when considering a restructure of scheme benefits. Prior to this change, a restructure of pension benefits under section 50 applied to the benefits of current and former scheme members and to post retirement increases in benefits. The recent changes to the Pensions Act extend these categories of benefits to include a portion of pensioner benefits and will apply to a pension scheme which restructures scheme benefits after the 25th December 2013.

The provisions of section 50 of the Act only apply where a scheme fails to comply with pension scheme funding requirements. In those circumstances a scheme can apply to the Board to issue a notice to restructure scheme benefits once the trustees of the scheme comply with the requirements attaching to such an application.

The Board will assess any applications having regard to the requirements that include a comprehensive review of the scheme with a view to its long term stability and sustainability, engagement with the employer in relation to contributions to the scheme and the notification of all members, including pensioners, of the circumstances giving rise to the proposed application and the reasons why the trustees believe an application is in compliance with their fiduciary duties.