Michael McGrath (Cork South Central, Fianna Fail)
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45. To ask the Minister for Social Protection if she expects any call on the additional funds raised from the increased pension fund levy in 2014 and 2015, which in her budget statement she said, were required to make provision for potential State liabilities, which may emerge from pre-existing or future pension fund difficulties; the circumstances in which such a call would arise; and if she will make a statement on the matter. [24581/15]

Joan Burton (Dublin West, Labour)
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The Minister for Finance stated previously in the House that an additional levy on pension funds was introduced 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, and that the yield from the additional levy in these years forms part of general tax revenue of the Central Fund and is not directed to any particular or specific item of expenditure.

The Social Welfare and Pensions (No.2) Act 2013 amended the Pensions Act 1990 to address double insolvencies occurring after the 25th December 2013. No claim has been made in respect of any double insolvencies occurring since the enactment of the 2013 legislation.

The Social Welfare and Pensions Act 2009 provided for the establishment by the Minister for Finance of a Pensions Insolvency Payments Scheme (PIPS) to provide for the payment of pensions, in the event of the wind up of a pension scheme where both the employer and the scheme are insolvent, at less cost than through traditional annuities, thereby making more scheme assets available for the pensions of those yet to retire. Application for pension payments under this scheme would give an indication of the number of double insolvencies arising in the period since the ECJ ruling in the UK Robins case of 25th January 2007 and prior to the 2013 legislation. Eleven schemes have been certified by the Pensions Authority as eligible schemes to apply to the Minister for Finance to pay pensions under PIPS. Any of these schemes which considers that the State has a liability for a shortfall in the funding in the scheme will need to establish the extent of any liability arising. No formal claim has been made in respect of any of these schemes.