Clare Daly (Dublin Fingal, Independent)
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91. To ask the Minister for Social Protection if his Department is undertaking or will undertake monitoring of the Pensions Authority's achievement of its strategic objectives as laid out in its statement of strategy 2016-20; and if he is satisfied with the authority's performance to date in tackling lack of governance or maladministration impacting on benefits and failure to pay benefits due, which is one of the risk priorities laid out in the strategy. [35827/16]

Leo Varadkar (Dublin West, Fine Gael)
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The Pensions Authority, under the Pensions Act 1990, is the regulator for occupational pension schemes in Ireland. The Authority provides a wide range of information and guidance to help and support trustees to comply with their regulatory obligations as set out under legislation. The Authority, in consultation with my Department, is continually assessing governance issues and making improvements in order to protect the members of pension schemes.

In March of this year, the Authority outlined plans for improved pension scheme governance in their Statement of Strategy 2016-2020. This Statement of Strategy sets out the vision, mission, values and the strategic objectives and high level strategies that will underpin the Authority’s work programme for the next 5 years. The Strategy will be reviewed mid-term to assess whether it continues to be appropriate to guide the Authority’s activities or whether the environmental and operational context has altered to such an extent that a new or revised Strategy is required.

Oversight of the executive of the Pensions Authority is provided by a three person board. This consists of the following:

- Mr David Begg as Authority chair.

- Ms Ann Nolan, Second Secretary General in the Department of Finance, who represents the Minister for Finance.

- Ms Anne Vaughan, Deputy Secretary General in the Department of Social Protection, who represents the Minister for Social Protection.

The role of the Pensions Authority is to promote and support compliance with the Pensions Act and to address any non-compliance it encounters. It is not, however, responsible for running pension schemes and PRSAs. Rather, the responsibility for managing pension schemes and PRSAs and for making decisions relevant to their operation and management rests with the trustees, the PRSA providers and employers. The Authority is responsible for ensuring those managing and providing services to pension schemes and PRSAs operate in compliance with the requirements of the Pensions Act.

If it is considered that benefits due are not being paid in accordance with the rules of a pension scheme, the person concerned can invoke the dispute resolution procedures which the scheme is obliged to operate and if they are still dissatisfied, they can bring the complaint to the Pensions Ombudsman. The Pensions Authority also comes under the remit of the Ombudsman (not the Pensions Ombudsman), who deals with customers who feel they may have been unfairly treated by public bodies.

In 2015, the Authority continued its robust compliance activities by opening 45 new investigations, closing 66, and referring 18 cases for prosecution. The Authority held 60 compliance meetings with stakeholders. 225 occupational pension schemes were selected for audit and 37 prosecution cases, most of which related to the construction sector, were concluded. The increase in prosecutions resulting from whistle-blowers’ reports highlights the increased awareness of the Authority as an avenue for citizens to raise their concerns. The Authority’s investigations of Registered Administrators found an improvement in compliance standards since 2010 and this reflects the positive impact of the Authority’s compliance work.

In addition to this, the Pensions Authority, together with the Department, is currently working on proposals for reform and simplification of pensions, the purpose of which is to impose higher standards for all occupational schemes. Standards in relation to pension schemes will also be further enhanced by the transposition of the new IORPS II Directive within the next two years.

I hope this clarifies the matter for the Deputy.