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IRE » Topics » Group Pension Plans

This excerpt taken from the IRE 20-F filed May 29, 2009.
Group Pension Plans
 
The Group operates a number of pension plans in Ireland and overseas. The plans are funded and are primarily of the defined benefit type and the assets of the plans are held in separate trustee administered funds. Payments to these defined benefit funds are determined on an actuarial basis, designed to build up reserves during the working life of fulltime employees to pay the employees, or their dependants, a pension after retirement. A formal actuarial valuation is undertaken at least triennially to determine the payments to each of these defined benefit funds. At each valuation the funds’ actuaries assess whether the liabilities of each fund, based on current salary levels, are fully funded on a discontinuance basis.
 
The total pension cost for the Group in respect of the financial year ended March 31, 2009 was €180 million of which €139 million related to the main scheme.
 
This excerpt taken from the IRE 20-F filed Jul 8, 2008.
Group Pension Plans
 
The Group operates a number of pension plans in Ireland and overseas. The plans are funded and are primarily of the defined benefit type and the assets of the plans are held in separate trustee administered funds. Payments to these defined benefit funds are determined on an actuarial basis, designed to build up reserves during the working life of full time employees to pay the employees, or their dependants, a pension after retirement. A formal actuarial valuation is undertaken at least triennially to determine the payments to each of these defined benefit funds. At each valuation the funds’ actuaries assess whether the liabilities of each fund, based on current salary levels, are fully funded on a discontinuance basis.
 
The total pension cost for the Group in respect of the financial year ended March 31, 2008 was €130 million of which €94 million related to the main scheme.
 

EXCERPTS ON THIS PAGE:

20-F
May 29, 2009
20-F
Jul 8, 2008

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