Dáil Éireann debate -
Wednesday, 16 Oct 1991

Vol. 411 No. 1

Written Answers. - An Post Pension Fund.

Ruairí Quinn

Question:

174 Mr. Quinn asked the Minister for Finance if his attention has been drawn to the financial summary of the pension fund of An Post where out of a total fund valued at £138.657 million a deficit debt due from the Department of Finance was recorded at the figure of £123.007 million; if he will outline the action, if any, he proposes to take with the trustees of the pension fund to ensure that the pension entitlements of An Post workers and their dependants will not be at risk as a result of this massive debt; and if he will make a statement on the matter.

Minister for Finance (Mr. A. Reynolds)

Under the Postal and Telecommunications Services Act, 1983, the payment of pensions in respect of former staff of the Department of Posts and Telegraphs who retired or died before 1/1/1984 has been delegated to An Post (and Telecom Éireann). The accounts of the pension fund reflects these payments. The Act provides that the Minister for Finance reimburse the company and the arrangement is that funds will be provided when the income of the fund is insufficient to pay pensions as they fall due.

The arrangements under the Act ensure that there is no risk to the pension entitlements of former Department of Posts and Telegraphs staff and their dependants.