Michael Finucane
Ceist:117 Mr. Finucane asked the Minister for the Marine and Natural Resources the outstanding pension deficit for Limerick Harbour Commissioners prior to Corporatisation; and if he will make a statement on the matter. [9946/01]
Written Answers. - Pension Deficit.
I am advised that according to the annual report and accounts published by the Shannon Estuary Ports Company, the successor authority to Limerick Harbour Commissioners, the pension fund deficit as of 3 March 1997, the Vesting date of the new company, was £3,122,000. Under section 52 of the Pensions Act, 1990, an order made by the Minister for Social Community and Family Affairs with the agreement of the Minister for Finance and now applicable to the successor body to the Harbour Authority, the Shannon Foynes Port Company, provides for a derogation from compliance with the terms of Part VI of the Pension Act, 1990. Effectively this means that the port company has until 2008 to have in place a fully financed pension fund. Meanwhile, pensions continue to be paid out of current revenue.