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Financial PAC chair questions Pensions Board value –

The chairperson of the Public Accounts Committee says he does not believe the Pensions Board offers value for money.

The chairperson of the Public Accounts Committee has told the CEO of the Pensions Board, Brendan Kennedy, that he does not believe the body offers value for money.

John McGuinness said he had listened to the exchanges during today’s committee meeting on the non-directive advice given to the Finance Minister on the pension levy.

He said he wondered about the sense of having 16 members on the Pensions Board who could not reach a conclusion on one of the most significant decisions taken by a Government on pensions.

Mr McGuinness said it was shocking that the board members were paid fees for such little output.

Mr Kennedy earlier confirmed that the Minister for Finance did not consult the board about the pensions levy of 0.6%.

Independent Shane Ross asked Mr Kennedy if it did not say something about the Pensions Board that the Minister did not consult it before imposing the levy. Mr Kennedy said that was a question best addressed to the Minister.

Deputy Ross asked if there is a point in having a Pension Board if pensioners were not protected by the board, when the Minister took €400m out of its members’ pockets.

Deputy Ross asked if anyone considered resigning, given that it is the role of the board to advise the Government on all matters relating to pensions. Mr Kennedy said he was not aware of anyone who considered resigning.

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