Written answers

Thursday, 7 July 2011

Department of Public Expenditure and Reform

Pension Provisions

5:00 pm

Photo of Ciara ConwayCiara Conway (Waterford, Labour)
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Question 133: To ask the Minister for Public Expenditure and Reform the position regarding pension payments for workers of a company (details supplied); and if he will make a statement on the matter. [19274/11]

Photo of Ciara ConwayCiara Conway (Waterford, Labour)
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Question 134: To ask the Minister for Public Expenditure and Reform when a final decision will issue on the pensions insolvency payment scheme with respect to former workers of a company (details supplied); and if he will make a statement on the matter. [19277/11]

Photo of Brendan HowlinBrendan Howlin (Wexford, Labour)
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I propose to take Questions Nos. 133 and 134 together.

The Pensions Insolvency Payment Scheme (PIPS) offers annuities for sale to defined benefit DB schemes where the scheme is winding-up and where the parent company is insolvent. Waterford Crystal trustees now wish to finalise applications for two of the Waterford schemes to enter PIPS.

A proposal relating to a number of aspects of these applications was sent by the Waterford trustees to the Department of Finance in January last. That proposal requested that a particular approach be adopted to the pricing of Waterford's applications. This request raised a number of important and complex issues and an examination of these matters is being carried out by officials of my Department. That examination is now at an advanced stage and I hope, therefore, to be in a position to respond to the proposal in the very near future. I regret the time taking to deal with this matter which was in part due to the complex nature of the issues involved and the fact that the applications from Waterford are the first to be made to PIPS.

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