List pub service DB schemes non commercial semistate exempt from the funding standard

[Don_08]

Yes, I cant see how the government could discriminate between:

A)funded commercial semi state DB schemes.
B)funded former semi state DB schemes.
C)funded private DB schemes.


I know that some distressed DB schemes have upped employee contributions in recent years and some benefits have been curtailed.

Also since these schemes are final salary schemes current employees who have or will endure pay cuts will presumabley be retiring on pro rata reduced pensions? Is this interpretation correct?

How about the eighty or so schemes in semi state that moved from funded to unfunded a few years back when the government took over their assets and liabilities?

 

[ajapale]

Hi Don, can you link or list these schemes? are they large?

I would expect that the large funded superannuation schemes as operate in the likes of ESB, BnM, Bord Gas etc to be included in the proposed pension fund tax. In my view there is no way to discriminate these DB schemes from say a DB scheme operated by a financial instution, multinational, indigenous private sector organisation or indeed a former commercial state organisation Aer Lingus or Eircom.

aj

 

[Don_08]

[broken link removed]

Assets for these schemes were estimated to be €2.3billion at end of 2007 - they were taken into the NPRF and liabilities taken over by government.

Schemes include FAS, Central Bank of Ireland, the Arts Council, IDA, university schemes etc etc - a very big list.

 

[ajapale]

Yes these are all public service schemes. It appears that they are now exempt from the funding standard as set out set down in Part IV if the Pensions Act 1990.

The SI does not appear to cover the commercial semi state sector (althought Im unsure about Coillte or schemes associated with Forestry Service).

Do these funds still exist?