The Pension Board's shining achievement in the past year was certainly the publication of the report of the National Pensions Policy Initiative the most wide-reaching evaluation of the state of pensions provided directly by the State and by the occupational sector. It is a report that could transform the way people plan their retirement in the next century.
As the Board's own annual report for 1997 shows, the Initiative may have dominated the Board's activities over the year, but it certainly wasn't the only issue. As the main supervisor and regulator of occupational pensions schemes, the Pensions Board was particularly busy in 1997 with issues like compliance making sure occupational pensions were being properly funded and managed and in 160 cases, investigating companies where compliance rules were not being met.
The Board also registered 5,200 new pension schemes (the majority of which were single person, defined contribution ones); provided on-going public information and assistance inquiries were up from just over 1,600 in 1996 to over 2,300 in 1997 and provided training for pension trustees, many of them chosen for the first time directly by their fellow workers.
The Board devoted considerable time to EU matters from reviewing new recommendations and directives to attending and making contributions to European and international pension conferences. One of the Board's key roles is to advise and inform the Department of Community, Social and Family Affairs on pension policy and related issues.
The Policy Initiative report is now with the Minister, Mr Ahern, and it is up to the Government whether its main recommendations which include a significant rise in the weekly old age State pension benefit, the introduction of a Private Retirement Savings Plan for universal private pension coverage and major changes to retirement ages and the purchase of annuities are implemented sooner or later, or at all.
In her own report on the Initiative, the Pension Board's chief executive, Ms Anne Maher notes how "the Minister . . . on behalf of the Government" gave considerable support to the report at its launch on May 7th, 1998.
Copies of The Pension Board's Annual Report and Accounts 1997 are available from The Pensions Board, Holbrook House, Holles Street, Dublin 2. Tel. (01) 6762622; email: pbpensionsboard.ie
The Pensions Board Website is: http://www.pensionsboard.ie
