Derek Nolan (Galway West, Labour)
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160. To ask the Tánaiste and Minister for Social Protection if pension schemes that were initially set up as defined benefit schemes but which subsequently became buy-out bonds will be accessible as an Approved Retirement Fund following new rationalisation provisions that are currently being examined by her Department; and if she will make a statement on the matter. [39449/15]

Joan Burton (Dublin West, Labour)
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Whilst the Department of Finance is ultimately responsible for policy regarding the rules around allowing access to the Approved Retirement Fund option for Buy Out Bonds whose values have transferred from Defined Benefit pension schemes, I can confirm that officials in my Department are involved in the consideration of this issue as part of a wider review of pension savings vehicles.

Although I am not in a position to presume any outcome, I do believe that the current supplementary pension system, which comprises a multiple of pension savings vehicles that have evolved over time, has become extremely complex and difficult to understand without investment of considerable time and effort and the engagement of professional advisors. I have highlighted previously that the present system needs to be simplified so that it is more understandable to members, potential members and to the general public.