Oireachtas Joint and Select Committees

Thursday, 10 April 2014

Public Accounts Committee

Payments to Section 39 Companies: (Resumed) Rehab Group

11:05 am

Mr. Keith Poole:

Unfortunately, the members had to take a lot of the pain on that one. In 2012, the decision was taken that we could no longer sponsor the scheme so it had to be wound up. Following long negotiations with the trustees and their independent advisers, an arrangement was put in place whereby other money will be put into the active and deferred members' pot over a number of years, and then it was closed. It looks like it will end up at around 80% to 81% funded.