Pensions Board sets out members' rights

The Pensions Board has relaunched a series of six information booklets, aimed at ordinary pension members, companies and trustees. The booklets, which are written in simple, easy to understand language, are designed to allow pension scheme members to understand how their pensions work, and what sort of redress is available if anything goes wrong.

The first booklet, Is My Pension Secure? explains what occupational pensions schemes are, who can join, how they are funded and the reporting standards that must be followed by the scheme's trustees. This updated booklet also discusses the new whistle-blowing amendment to the Pensions Act which requires anyone with suspicions about fraud or wrongdoing to report their findings to the authorities. Other legal safeguards are also discussed.

The second booklet, Selecting Member Trustees is a practical guide to holding trustee elections or becoming a member trustee, including the issue of training and legal responsibilities. So You're a Pension Scheme Trustee is a guide to the main duties and responsibilities of pension trustees while What Happens to my Pension if I Leave? is a comprehensive explanation of what happens to your pension benefits when you leave a defined benefit or defined contribution scheme. The main options are outlined - to leave accrued benefits where they are, to take them with you to a new company or to purchase a buy-out bond and it also answers questions such as what happens to benefits if the member dies before retirement.

The final booklet, The Pensions Board outlines the purpose and function of the board, its multifaceted role as a supervisor of the operation of the Pensions Act, as a watchdog of pension scheme trustees, as a promoter of training and good standards of practice and as an adviser to the Minister.

These very useful booklets are available, free of charge from The Pensions Board, Telephone (01) 676 2622, Fax: (01) 676 4714 or by e-mail - infopensionsboard.ie