Mary Coughlan (Donegal South West, Fianna Fail)

It is important to reiterate that this scheme only refers to former AnCo staff and not to the person referred to by the Deputy. The deficit in the FÁS pension fund is €303 million and that is made up of a market value of fund assets of €328 million and liabilities of €631 million.

We are all aware of difficulties in pension funds and it was on such a basis that the Department of Finance was asked to facilitate the transfer of pension funds of non-commercial State bodies to be administered by the National Pensions Reserve Fund. It would be the fund's responsibility to administer and work through the pension's deficit and the needs of that pension fund.

Legislation was introduced to facilitate that and a transfer order was prepared. I recall signing an SI in regard to the closure of the spouses' and children's contributory pension scheme. It is important to say that new schemes are on a pay-as-you-go basis, which is similar to those involving a number of other non-commercial semi-State bodies.

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