Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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39. To ask the Minister for Transport, Tourism and Sport if his attention has been drawn to problems with the pension fund of the Dun Laoghaire Harbour company in view of the fact that the workforce have raised concerns regarding same; and if he will make a statement on the matter. [22944/13]

Leo Varadkar (Dublin West, Fine Gael)
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Dún Laoghaire Harbour Company operates a defined benefit pension scheme. As is common across the broader State commercial sector, the State commercial port companies, including Dún Laoghaire Harbour Company, traditionally offered their employees membership of defined benefit pension schemes. All port companies have now closed their defined benefit schemes to new members and instead new employees are offered membership of defined contribution arrangements.

As recognised in the National Pensions Framework, there are "significant problems with the typical current design for funded defined benefit schemes". The defined benefit scheme in operation at Dún Laoghaire Harbour Company shares the problems of these schemes generally.  

As reported in the Company's most recently published accounts for 2011 the scheme was underfunded. The 2012 accounts will not be published until later in the year but I would expect the position in relation to the funding status of the scheme to remain unchanged.  

Underfunded schemes must engage with the Pensions Board and prepare a funding proposal in line with the requirements of the Pensions Acts. I understand that the Company is currently preparing its proposal to the Board in line with this statutory requirement.