Donnchadh Ó Laoghaire (Cork South Central, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

476. To ask the Minister for Employment Affairs and Social Protection the percentage increase she prescribed by which the preserved benefit of occupational pension schemes should have been adjusted each year since 2013 under Section 33(4) of the Pensions Act, 1990/the Occupational Pension Schemes (Revaluation) Regulations; for schemes exempted under Section 37(1) of the Act on the basis that they provide benefits that are no less favourable to members concerned than those required by the Act, how her Department monitors that these schemes continue to meet the criteria for exemption; and if she will make a statement on the matter. [24495/23]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Section 33 of the Pensions Act 1990, as amended, provides that the Minister for Social Protection, after consultation with the Minister for Public Expenditure and Reform, shall, in respect of each revaluation year, make Regulations specifying the percentage which will determine the amount by which preserved pension benefit is to be increased in that year.

Section 33 further provides that the increase shall be the lesser of the percentage that equals the increase in the general level of consumer prices during that year, calculated by the Minister as he or she sees fit, or 4%.

The percentage increases prescribed in the Occupational Pension Schemes (Revaluation) Regulations 2013-2022 are as follows:

Section 37 of the Pensions Act 1990 provides that schemes may be exempted from the preservation requirements of Part III of the Act, by regulations made by the Minister for Social Protection with the consent of the Minister for Public Expenditure and Reform, if the benefits provided under such schemes are no less favourable than those required by the Act.

The pension schemes currently exempt from the preservation requirements, which are, in effect, public sector pension schemes, are listed in the Schedule of the Occupational Pension Schemes (Preservation of Benefits) Regulations 2002 (S.I. No. 279 of 2002), as amended.

Where a request is made seeking the exemption of a pension scheme from requirements of Part III of the 1990 Act, the relevant Government Department making the request should outline to my Department the basis for the request and confirm that the retirement benefits provided under the scheme, and the provisions pertaining to the preservation of those benefits, are no less favourable than those set out under Part III of the 1990 Act. They must also confirm that the Minister for Public Expenditure and Reform, who is responsible for policy in respect of public sector pensions, consents to the exemption sought.

Neither I nor my Department has any function in relation to the monitoring of occupational pension schemes. The Pensions Authority is the regulatory body charged with the supervision of pension schemes.

I hope this clarifies matters for the Deputy.