Tommy Broughan (Dublin North East, Independent)
Link to this: Individually | In context | Oireachtas source

37. To ask the Minister for Social Protection if she will report on the Cadbury's pension fund; the total worth of the fund in the years 2012 to 2014 and in 2015 to date; and her plans for further changes to this fund. [13922/15]

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

The Department does not collect the information sought by the Deputy.

Defined benefit pension schemes in Ireland are, in general, set up under trust. The trustees of such pension schemes have a fiduciary duty under Trust law to act in the best interest of all scheme members. In addition, the Pensions Act, 1990 provides for the regulation of occupational pension schemes and Personal Retirement Savings Accounts. The Pensions Authority supervises and monitors the operation of the Pensions Act.

The trustees of pension schemes are required under the Pensions Act to maintain sufficient assets to meet the liabilities of the scheme in the event of the wind-up of a pension scheme. This is often referred to as the Funding Standard which is a benchmark against which the “health “of a scheme can be tested. The trustees are required to report to the Pensions Authority on their funding position on a regular basis. A scheme failing to meet the funding requirement means that the scheme will not be able to pay all the benefits promised unless some action is taken. In such an event, the trustees are required to submit proposals to the Pensions Authority setting out what measures will be put in place to restore scheme funding and ensure that the scheme is sustainable and in a position to secure the promised level of benefit for all members into the future. The responsibility rests with the employer and the trustees for ensuring that the scheme is properly funded and managed.