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Pension regulator grilled by Dail

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By Charlie Weston, Personal Finance Editor

Friday November 18 2011

THE value for money provided by the State’s pensions regulator was questioned by an Oireachtas committee yesterday.

Public Accounts Committee chairman John McGuinness told Pensions Board head Brendan Kennedy he did not believe the agency offered good value .

Mr McGuinness questioned the fact that non-directive advice was given to the Finance Minister on the private sector pension levy.

He queried 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 and that board members were paid fees for such little output.

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

Independent TD 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.

Mr Ross asked if there was a point in having a Pensions Board if pensioners were not protected by the board.

– Charlie Weston, Personal Finance Editor

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