Dáil Éireann Debate, Wednesday - 18 January 2023
323. Deputy Emer Higgins asked the Minister for Finance the measures that are in place to assist persons who feel that their pension was devalued by mismanagement through a company wind-up but who cannot be assisted by the ombudsman given that the pension scheme in question no longer exists (details supplied); and if he will make a statement on the matter. [1014/23]
View answerThe Office of the Financial Services and Pensions Ombudsman (FSPO) was established under the Financial Services and Pensions Ombudsman Act 2017 (“the Act”) to resolve complaints about the conduct of financial service providers and pension providers.
The FSPO can, subject to time limits, investigate a complaint submitted by an individual pension scheme member, where financial loss has been suffered by the member, as a result of the miscalculation of the complainant’s pension benefit entitlements, owing to maladministration by the pension provider.
A grievance concerning the impact on the overall value of a pension scheme, arising from a company wind-up, is not however a matter that falls within the jurisdiction of the FSPO.
The Pensions Act 1990 sets out the obligations and responsibilities regarding the wind-up of pension schemes. The Pension Authority is the relevant regulatory body to ensure compliance with the requirements of the Act in such an instance.
The Pensions Authority, which is a body under the aegis of the Department of Social Protection, has detailed information on its website in relation to the winding up of a scheme.
