Finian McGrath (Dublin North Central, Independent)
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69. To ask the Minister for Social Protection if she will support a matter (details supplied) regarding pensioners; and if she will make a statement on the matter. [1324/15]

Joan Burton (Dublin West, Labour)
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I am very aware of the funding difficulties facing many pension schemes at this time. A number of both legislative and administrative changes have been made in recent years to assist employer and the trustees of pension schemes address the funding challenges facing such schemes.

The most recent changes to pension legislation extended the options available to the trustees of a pension scheme in any consideration of a restructure of scheme benefits under section 50 of the Pension Act to include a portion of pensioner benefits. Prior to this change, the trustees of a scheme could only consider the benefit of active and deferred scheme members in any restructure of scheme benefits under section 50 of the Pensions Act. Any consideration of a restructure of pensioner benefits is limited to up to 10% of benefit where the annual pension is greater than €12,000 and less than €60,000. Pension over €60,000 can be reduced by up to 20%. Pensions up to €12,000 cannot be reduced. The benefits of active and deferred members do not receive this level of protection under the Pensions Act.

The recent changes to pension legislation essentially provide for the sharing of the risk of scheme underfunding across all scheme beneficiaries. The issue of how these changes might be applied will be a matter for the trustees of the scheme who are required under trust law to act in the best interests of all scheme beneficiaries.

These recent changes to the Pension Act are underpinned by additional measures which are being put in place by the Pensions Authority to assist pension schemes achieve a sustainable funding position.