Oireachtas Joint and Select Committees

Thursday, 22 June 2017

Public Accounts Committee

University College Cork and University of Limerick: Financial Statements

9:00 am

Mr. Diarmuid Collins:

They are the IMI's own accounts and are the accounts of the institute before we acquired it. We are happy that it is in our schedules and appendices that the pension liability is removed from the IMI, as confirmed by Mercer and PricewaterhouseCoopers. In the case of this individual, he will still get his pension from the pension trustees into the future. This is a separate payment that is paid by the IMI. It is not a pension in so far as it is not linked to the performance of the pension asset and it is not paid by the pension trustees but by the IMI. We do not know what the performance of the pension asset will be, but were that asset to go into decline, this individual would still get paid that separate payment. It is a separate payment beyond what is paid by the pension trustees and the pension trustees have been totally removed from the IMI since 2012, which we confirmed-----

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