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Minister for Social Protection, Joan Burton TD today (Monday, 20th June 2011) launched the Pensions Board Annual Report and Accounts 2010. The Pensions Board aims to monitor and safeguard the interests of over one million people who are members of occupational pension schemes or who have personal retirement savings accounts (PRSAs).

Speaking today, Minister Burton said: “I share a common purpose with the Board in relation to pensions which is to ensure that the individual pension rights of members will continue to be safeguarded in this turbulent fiscal environment.”

In her address for the launch, the Minister took the opportunity to emphasise that the sustainability of the pension system in Ireland has to be a priority and that one of the key objectives has to be reform right across the system and the Government is committed to delivering reforms.

Minister Burton said: “I am pleased to see that the Board has continued to play a strong role in the area of regulation. It is important that it follows through with its wide-ranging powers, particularly in relation to breaches of pensions legislation, and that it is seen to be tough on those that fail to fulfil their obligations.”

The Minister added: “As well as its continued activity on regulation, I must thank the Board for its ongoing input into policy development. Pensions are a highly complex area and the expertise brought by the Board and its staff over the last number of years has assisted in developing key reforms to protect pension scheme members.”

The Minister concluded by saying that the Government is committed to delivering on the changes to pensions as set out in the National Pensions Framework which encompasses all aspects of pensions, from social welfare to private occupational pensions and public sector pension reform. The aim of the framework is to deliver security, equity, choice and clarity for the individual, the employer and the State.