Ceisteanna—Questions. Oral Answers. - State Bodies Pensions Funding.
- State bodies pension funding 10 speeches
The Minister said proposed schemes for An Post and Bord Telecom would rely on actuarial advice, while RTÉ’s scheme had a deficiency requiring additional provision. He could not provide the fund values or deficiency amount immediately, but undertook to send the latter to the Deputy.
Seamus Brennan, Jim Mitchell
- Irish Shipping employees’ pension fund 2 speeches
Asked about the Irish Shipping employees’ pension fund and the Department’s position, the Minister said he would address it when reaching related questions on the Order Paper.
John P. Wilson, Jim Mitchell
asked the Minister for Communications whether pensions in State bodies under the aegis of his Department are funded on a proper actuarial basis.
Comment on this
Approved schemes under the terms of the Postal and Telecommunications Services Act, 1983 have not yet been introduced for the staffs of Bord Telecom Éireann or An Post. Proposed schemes, under consideration at present, will be based on actuarial advice.
An actuarial evaluation of Radio Telefís Éireann's superannuation scheme is carried out on a regular basis. The latest report to the trustees of the scheme at 30 June 1983, highlighted an actuarial deficiency in the fund. Ways of rectifying the deficiency are currently being explored with the RTE Authority.
Actuarial responsibility for the funding of the superannuation schemes in operation in Aer Lingus, Aer Rianta and CIE is a matter for the trustees of the funds.
There are no provisions in the relevant legislation in regard to pensions for B & I Co. Ltd. employees and, accordingly, I have no responsibility for the funding of any schemes in existence in that company.
The position in relation to Irish Shipping Ltd. was the same as for the B & I Co. Ltd., with the exception that the Irish Shipping Ltd. (Amendment) Act, 1984, required, inter alia, that my approval be given for any alteration in existing pension arrangements.
Comment on this
What is the actuarial evaluation of the funds of companies under the Minister's control? What is the size of the pension fund in the State companies under his control?
Comment on this
I do not have that information readily available. It is a separate question. If the Deputy puts down a question on that I will get the information for him.
Comment on this
Is the Minister satisfied that the system is a proper commercial one and not one which is funded by the State without any commercial evaluation? What did the Minister mean by saying there was an actuarial deficiency in regard to RTE?
Comment on this
That means there are insufficient funds in the fund to meet all liabilities as they arise. It is necessary for RTE to make some provision to increase the finances available to the fund.
Comment on this
What exactly was the position with regard to the Irish Shipping employees' pension fund vis-à-vis his Department?