asked the Minister for Communications whether pensions in State bodies under the aegis of his Department are funded on a proper actuarial basis.
Ceisteanna—Questions. Oral Answers. - State Bodies Pensions Funding.
8.
Approved schemes under the terms of the Postal and Telecommunications Services Act, 1983 have not yet been introduced for the staffs of Bord Telecom Éireann or An Post. Proposed schemes, under consideration at present, will be based on actuarial advice.
An actuarial evaluation of Radio Telefís Éireann's superannuation scheme is carried out on a regular basis. The latest report to the trustees of the scheme at 30 June 1983, highlighted an actuarial deficiency in the fund. Ways of rectifying the deficiency are currently being explored with the RTE Authority.
Actuarial responsibility for the funding of the superannuation schemes in operation in Aer Lingus, Aer Rianta and CIE is a matter for the trustees of the funds.
There are no provisions in the relevant legislation in regard to pensions for B & I Co. Ltd. employees and, accordingly, I have no responsibility for the funding of any schemes in existence in that company.
The position in relation to Irish Shipping Ltd. was the same as for the B & I Co. Ltd., with the exception that the Irish Shipping Ltd. (Amendment) Act, 1984, required, inter alia, that my approval be given for any alteration in existing pension arrangements.
What is the actuarial evaluation of the funds of companies under the Minister's control? What is the size of the pension fund in the State companies under his control?
I do not have that information readily available. It is a separate question. If the Deputy puts down a question on that I will get the information for him.
Is the Minister satisfied that the system is a proper commercial one and not one which is funded by the State without any commercial evaluation? What did the Minister mean by saying there was an actuarial deficiency in regard to RTE?
That means there are insufficient funds in the fund to meet all liabilities as they arise. It is necessary for RTE to make some provision to increase the finances available to the fund.
How much is the Minister talking about?
I do not have that information but I will send it to the Deputy later today.
Is it substantial?
No.
What exactly was the position with regard to the Irish Shipping employees' pension fund vis-à-vis his Department?
There are questions down on the Order Paper on that subject which I shall reach later today.