IRELAND - The Pensions Board has welcomed the publication of a pensions green paper by the goverment in September as an opportunity to cement ongoing debate on the issue.
Kennedy told Global Pensions: “Everyone involved in the industry welcomes this green paper and the chance to put some of the outcomes of the discussions we’ve been having over the last three or four years into a long term framework.”
He continued: “The green paper will offer options rather than solutions, but it shows a commitment to deal with pensions issues and make responsible decisions.”
Following the launch of its annual report, Brendan Kennedy, chief executive of the Pensions Board, said it had been a good year for pensions, with membership in defined benefit and contribution schemes rising by 8.5% to 797,370 last year.
In the report, the board said issuing on-the-spot fines had been a useful tool when tackling compliance problems.
Kennedy said compliance would continue to be high on the board’s agenda, although this was not a major problem area.
A €1m campaign to raise pensions awareness was another success highlighted by Kennedy. However, he reiterated this area needed sustained support.
Kennedy concluded: “Another challenge we face is to focus people’s minds on whether their pensions will meet expectations.”
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