Micheál Martin (Cork South Central, Fianna Fail)
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188. To ask the Minister for Employment Affairs and Social Protection her plans to amend section 81E of the Pensions Act 1990 to abolish the six to 12 month time bar in which pensioners cannot pursue a complaint once they have retired longer than 12 months; and if she will make a statement on the matter. [19236/18]

Regina Doherty (Meath East, Fine Gael)
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Section 81E of the Pensions Act 1990 refers to the forum for seeking redress in relation to equal pension treatment in occupational benefits schemes. The time limit provisions contained in Section 81E relating to equal pension treatment and redress are derived from overarching legislative provisions pertaining to access to industrial relations machinery in Ireland. Under that legislation access to industrial relations machinery, such as the Workplace Relations Commission and the Labour Court, is limited to six months from the date of termination of the relevant employment, however, this may be extended to a further six months where reasonable cause is shown. Where a pension scheme has an internal disputes resolution (IDR) procedure, this provides for a formal structure through which beneficiaries or potential beneficiaries can raise complaints or disputes and engage directly with the pension provider concerned.

If an individual is dissatisfied with the outcome of an IDR process he/she may advance a complaint to the Financial Services and Pensions Ombudsman, who is an independent and impartial statutory officer responsible for investigating and ruling on complaints from active members, deferred members and beneficiaries of occupational pension schemes, trust Retirement Annuity Contracts (RACs) or Personal Retirement Savings Accounts (PRSAs). The time limits for making a complaint to the Financial Services and Pensions Ombudsman are set out under section 51 of the Financial Services and Pensions Ombudsman Act 2017 which comes within the remit of the Minister for Finance.

Accordingly, I do not intend to bring forward any changes in this area to the Pensions Act 1990 at this time.

I hope this clarifies the matter for the Deputy.

Micheál Martin (Cork South Central, Fianna Fail)
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189. To ask the Minister for Employment Affairs and Social Protection her views on whether legislation is adequate to ensure that trustees of pension schemes act in the best interests of all beneficiaries; and if she will make a statement on the matter. [19237/18]

Regina Doherty (Meath East, Fine Gael)
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All dealings and decisions made by corporate or individual trustees of an occupational pension scheme are governed by legislation and enforced through the supervision of the Pensions Authority. The Pensions Act 1990, together with the trust deed and scheme rules sets out the trustees’ duties and responsibilities. Under this Act, trustees of pension schemes have the main responsibility for the administration of schemes and compliance with the requirements that apply to these schemes. Trustees of pension schemes must act in the best financial interests of the scheme members and must serve all beneficiaries of the scheme impartially. If there is a conflict of interest then a person’s duty as a trustee must take precedence over other interests.

The Pensions Authority is the regulatory body charged with the supervision of pension schemes and has the necessary powers under statute to investigate the conduct of a pension scheme should it become aware that the trustees of a scheme are not in compliance with the provisions of the Pensions Act.

The Pensions Authority’s Trustee Handbook provides guidance for trustees on how to achieve compliance with the Pensions Act and other relevant legislation and lists numerous trustee responsibilities including chapters on payment of contributions; investing a scheme’s assets; payment of benefits; payment of fees; preservation and transfer of benefits; the minimum funding standard; disclosure of information, and equal pension treatment.

The rules governing the role of trustees are constantly being reviewed. The Pensions Authority carried out a public consultation in 2015 on proposals to impose higher standards for trustees. In 2016, the Pensions Authority conducted a consultation process on the reform and simplification of pension; the purpose of which is to impose higher standards on all occupational schemes.

Additionally, the transposition of the new EU Directive IORP II by January 2019 will further advance the duties and supervision of trustees.

I hope this clarifies the matter for the Deputy.