Retirement / Internal Dispute Resolution

Moneywise offers advise on internal Dispute Resolution service to trustees of pension schemes.

The Pensions (Amendment) Act 2002 introduced a number of new responsibilities and duties to pension schemes trustees. One of these relates to disputes that arise between pension scheme members and the employers/ trustees.

Before the Pensions Ombudsman can adjudicate on specific disputes, the case must have been referred to an established Internal Dispute Resolution Procedure. It is envisaged that many companies will appoint an independent consultant to help the trustees in the review of the dispute.

While neither the opinion of the consultant nor the decision of the trustees are binding, it should help the parties to the dispute to determine whether the case can be settled in a friendly manner.

Drawing on many dispute resolution practices, we have drafted a set of procedures that will be strictly applied in relation to all disputes. These procedures are broadly in line with the practices of the office of the Pensions Ombudsman.

Chapter & Verse:

“Ideally, the trustees should have an independent person available to them, to whom the task of making a judgement on a complaint or dispute can be given. The advantage of having an independent person is that it ensures that a complaint or dispute is not reviewed by somebody who has been involved in the subject matter of the disagreement in the past”.

Moneywise Financial Planning Ltd. is regulated by the Financial Regulator

The independent person should be an outside professional, such a lawyer, an accountant, an actuary or pension consultant who is not concerned with the matter under dispute. The job of the independent person is to consider the details of the complaint or dispute and to suggest what might be done to solve the problem”

Source:

“Dispute Resolution Procedures: Guidance Notes for Trustees and Administrators” Pensions Ombudsman.

Contact: 01 6788011 // Fax: 01 6788014 E-mail – alan@moneywise.ie // or
richard@moneywise.ie Address – Moneywise Financial Planning Ltd.16 Fitzwilliam Square Dublin 2, Ireland.