Dáil Éireann Debate, Wednesday - 14 March 2012
39 Deputy Kevin Humphreys asked the Minister for Finance if the deficit in the AIB pension fund will affect the ability of the bank to achieve the announced number of voluntary redundancies; the correspondence his officials have had with both AIB management and the AIB pension fund trustees on this matter; and if he will make a statement on the matter. [14405/12]
View answer43 Deputy Kevin Humphreys asked the Minister for Finance the current state of the pension fund or trust in AIB; if it is currently in surplus or deficit and by what amount; the type of schemes it operates; if it has the ability to absorb the required number of early retirements and announced redundancies; if the State will be exposed to any liability or deficit in the fund; and if he will make a statement on the matter. [14510/12]
View answerI propose to take Questions Nos. 39 and 43 together.
The Deputy will be aware that AIB, as part of its announcement of 8th March 2012 of a voluntary severance programme, stated "as required under the bank's partnership principles with IBOA, a consultation process will begin immediately with trade union representatives." It went on to state that "AIB will not be making any further public comment until the consultation process with staff representatives is concluded." Accordingly, the Deputy will appreciate that it would not be appropriate for me to comment on the issues raised by him in his questions. Any issues concerning the AIB pension fund will have to comply with any relevant regulatory and legal requirements.
I am informed by AIB that the occupational pension schemes operated by them are a mixture of defined benefit and defined contribution schemes with the relevant pension benefit being in the main determined, for the most part, by when a member joined the respective scheme.
