Ombudsman for pensions a positive move, says IAPF

The new pensions ombudsman will have a positive impact on the pensions industry, the Irish Association of Pension Funds (IAPF) has said.

Welcoming the appointment of Mr Paul Kenny to the post, the IAPF said last night that the presence of an ombudsman would benefit members of pension schemes and holders of personal retirement savings accounts (PRSAs).

Mr Kenny, a consultant in the pensions industry, will be formally appointed as the pensions ombudsman next month.

Speaking for the first time since the announcement of the appointment, Mr Kenny warned an IAPF seminar that he would not be able to solve all the pension problems of the world, but could only look at financial loss resulting from dishonest or incompetently operated schemes.

Mr Patrick Burke, a member of the IAPF council, said the establishment of an ombudsman's office would enhance the way in which pension schemes were managed.

"This landmark appointment in Irish pensions history will provide members of pension schemes and PRSA holders with an accessible forum for the speedy resolution of disputes and complaints by an expert and independent third party," Mr Burke said.

Also at the seminar, Ms Una Halligan, government and public affairs manager for Hewlett-Packard, said that information given to members of pension schemes to enable them to make investment choices for their pension fund should be delivered in plain English.

Ms Halligan said this was not something that the pensions industry had been noted for in the past.

Ombudsman's powers limited, page 9