Michael McGrath (Cork South Central, Fianna Fail)
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291. To ask the Minister for Social Protection the number of defined benefit pension schemes being administered here; the number of these that are in deficit; the total of the combined deficit; his plans to address the issue; and if he will make a statement on the matter. [39528/16]

Leo Varadkar (Dublin West, Fine Gael)
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The latest figures from the Pensions Authority show that the number of Defined Benefit schemes subject to the funding standard is 681. Within this group there are 184 schemes in deficit that are subject to the funding standard. The total combined deficit of these schemes is€3.049 billion.It is the responsibility of the trustees of a pension scheme to ensure compliance with the funding standard and other obligations set out in the Pensions Act 1990, as amended. The purpose of the funding standard is to give an indication as to whether a scheme is properly funded and to highlight issues that may need addressing either by the trustees or the employer or, failing that, intervention by the regulatory authority established to oversee the pension sector, the Pension Authority.

Once a scheme fails to comply with the funding standard, pensions legislation sets out the necessary steps to be taken by the scheme. The Authority both advises on and supervises the process but ultimately it is up to the scheme to take all steps to put in place the supports or changes to once again enable the scheme comply with the funding standard. Should the scheme fail to take all actions required to comply with the funding standard, the Authority has the necessary statutory powers to require the scheme to do so.

I hope this clarifies the matter for the Deputy.