Ciarán Lynch (Cork South Central, Labour)
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68. To ask the Minister for Finance if measures are contemplated to alleviate the plight of active and deferred members of the Permanent TSB pension plan who are adversely affected by the wind up of the scheme; and if he will make a statement on the matter. [40767/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by Permanent TSB that contributions to the Defined Benefit pension schemes were discontinued in 2013. Following the discontinuance of the contributions the Trustees of the Defined Benefit Schemes proceeded to wind up the Schemes and the trustees are currently arranging for the assets of the schemes to be allocated among the pensioners, deferred employees and current employees. This process is still ongoing and details of benefits provided are not available.

As the Deputy may be aware, decisions on matters such as this are the responsibility of the Boards and Management of the institutions themselves; in this case permanent tsb Group Holdings plc.  I understand that permanent tsb Group examined all options in respect of this matter before coming to the difficult decision in 2013 that, given the challenging financial position of the Group, it was not possible to make the injection of the quantum of funds which would have been required to ensure the continued solvency of the schemes.  In its place the Group agreed to underwrite the significant wind-up expenses of the schemes and to making an ongoing 12% of payroll contribution to the new defined contribution pension plan for its current employees who were members of defined benefit plans.