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May, 2010

Companies may soon have to hand over unclaimed pensions to the Government under proposed reforms, The Sunday Tribune reports.

The Government is apparently considering a scheme similar to the Dormant Accounts Fund, through which financial institutions and An Post have transferred almost €550m to the NTMA since it was set up in 2003.

“Consideration will be given to the establishment of a state-managed fund into which companies who cannot trace former employees would lodge the accrued benefits,” according to briefing notes drawn up by the Department of Social Protection. “It is envisaged that this could be modelled on the Dormant Accounts Fund.”

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