Vol. 496 No. 3
115 Mr. Finucane asked the Minister for the Marine and Natural Resources if deficits exist in the pension funds of the commercial port companies; and if State guarantees have been given since their vesting in March 1997. [22801/98]
Under the provisions of the Harbours Act, 1996, a port company is responsible for funding the payment of pension entitlements, including the entitlements relating to pre-vesting day service with the predecessor harbour authority. Separate trustee-administered funds are required for this purpose.
Following extensive discussions with port companies and an examination by independent consultants, my Department is satisfied that pensions provisions, under the relevant supporting superannuation schemes, are sufficient to meet the requirements of Part IV of the Pensions Act, 1990, in respect of all of the ports, with the exception of Dublin Port Company and Shannon Estuary Ports Company. It is the intention of both port companies that over time the schemes should be fully funded and that they should meet the funding requirements set by section 41(3) of the Harbours Act, 1996 by 30 April 2008 at the latest.
Such a derogation from the requirements of the Pensions Act, 1990, requires the agreement of the Minister for Social, Community and Family Affairs and the Minister for Finance to the making of a regulation under section 52 of that Act to effectively exclude the superannuation schemes of Dublin Port Company and Shannon Estuary Ports Company from the statutory requirement of Part IV of that Act until 30 April 2008. In this regard consultations at official level are at an advanced stage and the relevant port companies have been so advised.
