Vol. 509 No. 6
304 Mr. McGuinness asked the Minister for Finance if he will explain where moneys stopped for pension purposes from established and non-established State employees is invested; the companies involved; if he considers that the yield from the investment is adequate and offers good value; and if he will make a statement on the matter. [21648/99]
The pension contributions of established and non-established State employees are paid into the Exchequer. The pension benefits of retired officers and spouses are financed on a pay-as-you go basis.
I would draw the Deputy's attention to the statement Investing in Our Future of 23 July 1999, a copy of which I am forwarding to the Deputy for information. The statement deals with the Government decision to provide resources on a planned basis to secure the pensions in retirement of a progressively ageing population. There are major policy issues, for example, the management of the funds, to be determined in setting up the relevant pension funds. These are being considered in the preparation of the necessary legislation which I intend to have in place next year.
