Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

104. To ask the Minister for Finance the way he plans to provide for potential State liabilities which may emerge from pre-existing or future pension fund difficulties; if he has estimated the possible range of these liabilities; and if he will make a statement on the matter. [49270/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In Budget 2014 and Finance (No 2) Act 2013, I introduced an additional levy on pension funds at 0.15% for 2014 and 2015 to help fund the Jobs Initiative and to make provision for potential State liabilities emerging from pre-existing or future pension fund difficulties. The yield from the additional levy in these years forms part of general tax revenue of the Central Fund and is not hypothecated to any particular or specific item of expenditure. It is envisaged that any State liabilities to pension fund difficulties would be met by the Exchequer as they arise.

As regards estimates of the possible range of liabilities that may be involved, these are matters for my colleague, Ms. Joan Burton TD, Tánaiste and Minister for Social Protection.