Dr. Geraldine Smith:

One of the things that you will see in those accounts, to judge by the few I have read, from Stewarts, St. James’s and the Mater, is that they set out in the body of the account the fact that it is pay-as-you-go, etc. They are very transparent in that instance.

You are concerned about the audit certificate. It might just be a case of auditors differing. The important issue is that the account identifies that they are non-compliant and that they are funding the pension scheme on a pay-as-you-go basis.