Vol. 483 No. 1
87 Mr. Howlin asked the Minister for Finance if he will give details of the State's outstanding accrued liabilities in respect of underfunded public service pension funds in semi-State companies and State organisations; the sum for each organisation in this regard; the proposals, if any, which he has for meeting these liabilities; and if he will make a statement on the matter. [19710/97]
The State has no outstanding liability that causes an underfunding in respect of public service pension funds in semi-State companies and State organisations. All Exchequer pension liabilities, including those in respect of State organisations that were formerly part of the Civil Service, are met on a pay-as-you-go basis and not on a funded basis.
As regards An Post and Telecom Éireann, under statutory arrangements, payment by the State of its pays-as-you-go liability was postponed. The pensions funds of the companies used their own resources to meet the Exchequer's liabilities between 1984 and 1933 so that by the end of 1993 the amount discharged on behalf of the Exchequer, including interest, had reached almost £435 million.
Since 1994 the Exchequer has discharged all fresh liabilities and paid interest on the outstanding sum thereby capping the growth in the outstanding liability. In addition, payments have been made to reduce the outstanding sum: £29 million in 1994, £108 million in 1996 and £150 million in 1997. The outstanding liability is now £150 million approximately.
The Commission on Public Service Pensions is examining the question of pensions payable by the Exchequer including State organisations. It is due to report in 1998.
