Dáil Éireann Debate, Tuesday - 3 October 2017
464. Deputy Maureen O'Sullivan asked the Minister for Agriculture, Food and the Marine if he has satisfied himself with the performance of Horse Racing Ireland and the Turf Club regarding the disclosure of funds in the pension fund as reported recently; and if he will make a statement on the matter. [41622/17]
View answerHorse Racing Ireland, HRI, is a commercial state body established under the Horse and Greyhound Racing Act, 2001 and is responsible for the overall administration, promotion and development of the horse racing industry.
HRI has advised that a non-contributory pension scheme for staff employed by racehorse trainers has operated in Ireland since the early 1970s. It is funded by way of deduction from the trainers' percentage of prize money won with the objective of providing some pension benefits for stable staff.
The scheme was operated in trust by the Turf Club and the Irish Racehorse Trainers Association up until 2010 when it was wound up because the liabilities significantly exceeded the assets as was the case with many similar schemes at that time.
Since 2010, deductions from prize money have continued and in 2016 a new defined contribution pension scheme was established with a new trust recently approved by the Revenue Commissioners.
This scheme will be operated by a management committee comprising representatives of the Irish Racehorse Trainers Association, the Irish Stable Staff Association, the Turf Club and Horse Racing Ireland.
It is currently being launched by way of a series of countrywide roadshows for trainers and their staff. The scheme will be up and running before the end of this year, and will provide equivalent benefits to qualified staff in both the Republic of Ireland and Northern Ireland.
