Vol. 442 No. 9
3 Mr. G. Mitchell asked the Minister for Finance if his attention has been drawn to the concern about a pension fund (details supplied); if he will meet his commitments in relation to this fund; and if he will make a statement on the matter.
The provision of superannuation benefits to staff of An Post and Telecom Éireann is governed by the Postal and Telecommunications Services Act, 1983, the Articles of Association of the companies and the relevant pension schemes. In accordance with these provisions the companies make contributions towards a fund to cover the future pension costs in respect of service given since 1 January 1984, vesting day. Under the 1983 Act, the Minister for Finance has liability for the cost of benefits related to service given in the former Department of Posts and Telegraphs before vesting day.
As announced in my Budget Statement, £72.5 million have been allocated in the 1994 Transport, Energy and Communications Estimate towards meeting the Exchequer's liability under the Act of which about £50 million will be channelled to the An Post Superannuation Fund. I also stated that ongoing costs in respect of the liability will arise in future years.
The entitlements of individuals under the superannuation provisions of the An Post pensions scheme are a matter for the company responsible for the administration of the provisions.
