Mr. Tom Donnellan:

There has been a lot of commentary with regard to pensions against the background of the closure of Bord na Móna and default on pension schemes. There is nothing further from the truth. Bord na Móna will be existence for the foreseeable future. The pensions are well funded. There are two main pension schemes, a regular scheme and a general scheme. The regular scheme, which represents approximately 75% of the retirees and workers, is in a very strong position in that it is in surplus. We received independent reports last week from the actuaries which confirm that it meets all of the funding requirements and standards in that regard. The general scheme represents the remaining 25%, approximately, of the workforce. This scheme has struggled. We engaged with the trustees of this scheme three years ago to put in place a refunding programme, which involved the company pumping €40 million into the scheme to get it up to minimum funding standards. We are continuing to pump in that €40 million, with €5 million paid in May of this year and a further €7 million to be paid next year. The actuaries reported last week that it is on track to meet the funding requirements as it goes out.

The pensions are in good shape. Bord na Móna is in a transition. We are taking on new employees and there are new employees coming into the pension schemes. There is no guarantee with pensions, given what is going on in the world with bond rates, interest rates and so on, but from a Bord an Móna point of view, the actions it is taking are not having any negative impact on the pensions at this time.