Vol. 422 No. 4
19 Mr. McCartan asked the Minister for Finance if he will outline (1) the total amount owed by him to the An Post superannuation schemes, (2) the interest which has accrued on this amount, (3) the plans he has to pay over the money, (4) whether his approval has been sought for the draft financing of benefits scheme and (5) whether he intends to approve the scheme; and if he will make a statement on the matter.
The obligations of the Minister for Finance to An Post in respect of superannuation entitlements of former staff of the Department of Posts and Telegraphs are governed by the Postal and Telecommunications Services Act, 1983 and the articles of association of the company.
I am not at present in a position to say how much may be involved. The matter is extremely complex and requires careful assessment with professional actuarial guidance. Similar considerations apply to the rate at which interest should accrue. The necessary work is in hands in my Department in consultation with the Department of Tourism, Transport and Communications. I would add that, under present arrangements, payment is not required until such time as the income of the pension fund becomes insufficient to pay benefits as they arise. The Vote for Tourism, Transport and Communications for this year contains a provision for such a payment should it prove necessary. Approval was sought for the draft financing of benefits scheme, but of course this could not be given until the work I have referred to has been completed.
