Dáil Éireann Debate, Thursday - 7 April 2011
25 Deputy John Deasy asked the Minister for Finance when he expects to make a decision on an application submitted by the trustees of a pension scheme to include former Waterford Crystal workers in the pension insolvency payment scheme; and if he will make a statement on the matter. [7082/11]
Amharc ar fhreagraI can confirm that an application to the Pension Insolvency Payment Scheme from Waterford trustees has been received and is under consideration. Discussions have taken place with the trustees and staff representatives about a number of aspects of the application. I hope to be in a position to respond shortly. The Pension Insolvency Payment Scheme [PIPS] was introduced on 1 February, 2010 for a pilot period of three years. From that date, it is open to any scheme that satisfies the qualifying conditions to apply to participate. The principal qualifying criteria for PIPS are that the sponsoring employer must be insolvent (in accordance with the definition used in the Protection of Employees (Employers' Insolvency) Act 1984) and the defined benefit scheme must be winding up in deficit. Details of the application procedure and other guidance is being made available on my Department's website www.finance.gov.ie.
