I propose to take Questions Nos. 5 and 32 together.
The total asset value of Irish pension funds at the end of 1990 was estimated to be IR£8,100 million.
The Pensions Act, 1990 which came into effect in January, 1991 safeguards the interests of members of occupational pension schemes by setting down minimum standards which all schemes will have to comply with. It provides for a regulatory framework for the future supervision of pension schemes.
The provisions of the Act include the introduction of a statutory minimum funding standard for certain funded schemes, the mandatory disclosure of information to scheme members and clarification of the duties and responsibilities of scheme trustees. The Act also provides for the establishment of a new statutory board to monitor and supervise the new statutory requirements.