The Pensions Ombudsman’s Annual Report for 2008 provides useful statistics and trends in relation to complaints received by and the activities of the Pensions Ombudsman over the year. The Pensions Ombudsman emphasised the importance of trustees’ duties both to ensure the proper investment of scheme assets and to have regard to their obligations to scheme members when making investment choices. The Pensions Ombudsman also stressed the duty of trustees to provide scheme members with easily understood information about where their pension is being invested as well as the need for clear and regular communication with scheme members. He noted that in some instances trustees are failing to provide scheme members with a proper choice of investments and that some trustees are failing to consider the adequacy of the default investment option.
Reduction in Occupational Pensions Scheme fees
Following a recommendation from the Pensions Board, the Minister for Social and Family Affairs has agreed to reduce the Occupational Pension Schemes fees by 7.5% in 2010.
The fee structure for 2009 was as follows:
| 1 – 500 members | €9.50 per member |
| 501 – 1000 members | €4,750 flat fee |
| 1001+ members | €4.75 per member |
The fee structure for 2010 will be:
| 1 – 500 members | €8.80 per member |
| 501 – 1000 members | €4,395 flat fee |
| 1001+ members | €4.40 per member |
