Mary Upton (Dublin South Central, Labour)
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Question 85: To ask the Minister for Communications, Energy and Natural Resources his views on concerns expressed by An Post for its pension fund; if he has met with the chief executive officer of An Post to discuss this issue; if so, the outcome of the meeting; and if he will make a statement on the matter. [18784/09]

Eamon Ryan (Dublin South, Green Party)
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Matters relating to the An Post pension fund are a matter for the board and management of the company and the trustees of the schemes and one in which I have no direct role.

In common with many pension funds, due to the economic downturn, An Post's pension fund is in deficit. An Post's annual report for 2008 shows that, because of its pension deficit at the end of last year, its net assets were half or less of the amount of the company's called-up share capital. Arising from this, in accordance with the requirements of Company Law, the company convened an extraordinary general meeting last month for the purpose of considering whether any, and if so what, measures should be taken to deal with the situation. I was represented at the meeting by officials from my Department.

At the EGM the chief executive advised that the company is required to formulate and submit a plan to the Pensions Board for corrective action to meet the Pensions Act Minimum Funding Standard by June 2010 and that, all other things being equal, addressing the minimum funding standard will, in time, eliminate the Balance Sheet deficit. He also advised that because investment markets are volatile this plan will require continual readjustment.

The Chairman undertook to brief, in due course, the company's shareholders on the plan of corrective action to meet the Pensions Act Minimum Funding Standard. In addition to this, myself and officials at my Department will continue to meet with the An Post management on a regular basis to discuss a range of matters of importance to the company including its finances.