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Pension Provisions.

Dáil Éireann Debate, Thursday - 7 October 2004

Thursday, 7 October 2004

Questions (47)

Joe Costello

Question:

40 Mr. Costello asked the Minister for Enterprise, Trade and Employment if his attention has been drawn to reports of a serious shortfall within the pension fund of Shannon Development; the discussions he has had with the management of the company with regard to this problem; the action he intends to take arising from the problem; and if he will make a statement on the matter. [23651/04]

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Written answers

I am aware that the trustees of the Shannon Free Airport Development Company Limited superannuation fund have been concerned for some time about a deficit in the fund. This deficit, estimated by the trustee's actuary to amount to some €26 million as at 1 January 2003 related essentially to funding of post-retirement pension increases. This concern led to the trustees instituting legal proceedings against the company and the case was due to be heard on 5 October 2004.

In the meantime, my Department had been in regular contact with the company and the Department of Finance in an effort to find an administrative solution. I am pleased to report that such a solution, acceptable to all of the parties involved, was found in the past few days and the court case has been withdrawn.

Question No. 41 answered with No. 26.
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