Clare Daly (Dublin North, United Left)
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14. To ask the Minister for Social Protection if she is satisfied with the power and independence of the Pensions Authority; and if she plans to make changes in this regard. [9212/15]

Joan Burton (Dublin West, Labour)
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The recommendations arising out of the Critical Review on the Pensions Boardwere approved by Government in April 2013 and were provided for in the Social Welfare and Pensions Act 2013.

It was recommended that the governance structure of the Board be restructured as follows:

- Oversight of the then Pensions Board to be undertaken by a three person body called the Pensions Authority consisting of a Chairperson and two officials from the Department of Social Protection and the Department of Finance. This was put in place in early 2014.

- The Pensions Board was renamed the Pensions Authority to reflect better its key role of safeguarding the pensions of occupational pension scheme members and the provision of information on occupational pensions.

- A separate unpaid Pensions Council was established to advise me and the Department on matters of pension policy and give consumers greater input into pension policy. The Pensions Council was appointed on 3 February, and its first meeting will be held shortly. Its membership ensures that the relevant skills, knowledge, and experience is available to provide the necessary advice and information in the development of pensions policy.

This separation of the regulatory oversight and policy development functions previously under the Pensions Board will ensure there is no perception of regulatory capture by the industry

I am satisfied that the new structures as outlined above and the provisions of the Pensions Act provide the Pensions Authority with sufficient power and independence and I do not have any plan to change it further at the present time.