Emer Higgins (Dublin Mid West, Fine Gael)
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360. To ask the Minister for Employment Affairs and Social Protection the measures are in place to assist people who feel their pension was devalued by mismanagement through wind up, (details supplied). [60584/22]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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Provisions relating to the wind-up of a pension scheme are set out in the Pensions Act 1990 (“the 1990 Act”), as amended, and associated Regulations under that Act.

The duties of pension scheme trustees include administering the wind-up of a scheme in accordance with the law and the terms of the trust deed and scheme rules as well as ensuring compliance with the requirements that apply to these schemes. Trustees must act in the best financial interest of all scheme members, whether active, deferred or retired, and must serve all beneficiaries of the scheme impartially.

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 a scheme is not in compliance with the provisions of the Pensions Act.  Where a pension scheme member is of the view that the scheme is not in compliance with legislative requirements, he or she may refer the matter to the Pensions Authority.

Issues relating to the Financial Services and Pensions Ombudsman, or the Financial Services and Pensions Ombudsman Act 2017, come within the remit of the Minister for Finance.

I hope this clarifies the matter for the Deputy.