Helen McEntee (Meath East, Fine Gael)
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343. To ask the Minister for Social Protection when she expects the Pension Charges Working Group, set up to initiate actions that followed up on the Report on Pension Charges will be established; and if she will make a statement on the matter. [19011/14]

Joan Burton (Dublin West, Labour)
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The Report on Pension Charges 2012 was undertaken by my Department, working with the Central Bank and the Pensions Authority, and with support from PWC. The primary objective of the report was to gather information on pension charges levied, to assess whether these charges are reasonable and transparent, to report on the findings and to make recommendations. The report highlights a wide range of issues in relation to pension charges and identifies that there are major challenges to be addressed in the two main areas of reasonableness and transparency of charges.

The launch of the Report on Pension Charges was followed by a three month consultation with stakeholders. There was a broad range of views expressed in the submissions received as well as a range of suggestions and proposals aimed at improving various aspects of the pension charging environment. Following the consultation period, it was agreed by Government in April 2013 that the recommendations contained in the report will be implemented.

A Pension Charges Working Group was established in April 2013 to initiate actions that follow up on the recommendations of the report. This group comprises the Department of Social Protection, the Pensions Authority and the Central Bank. Each has a core role to play in delivering on the recommendations contained within the Report on Pension Charges and work is progressing in this regard.

In addition, progress on the issue of pension charges will be supported by recent actions to restructure the Pensions Authority and strengthen governance and regulation of the country’s occupational pensions and give consumer representatives a greater input into pensions policy. I have highlighted that the first task of the new Pensions Council will be to monitor the implementation of the recommendations in the Report on Pension Charges and advise if further actions are needed.