With the Irish Government’s pension fund set to receive the biggest ever payout, the insurers and insurance companies are in a race to secure a slice of the action.
The Irish Insurance Corporation (IIC) and its parent, the Irish Insurance Company (IoC), both said on Monday they were looking to secure around €4bn in contributions to cover the government’s pension shortfall.
Both have already raised more than €300m for the pension scheme.
In a separate statement, the IIC said it would use its assets to cover any shortfall as a result of the election.
But the insurers also want to get a piece of the pie as well.
“We would like to see the IPC as a partner in the pension-related projects that are being made in the Republic, as well as the government-funded plans that are in place,” said IIC chairman and CEO, John Murray.
We are looking to grow.” “
This is our contribution and our opportunity to take on more responsibility.
We are looking to grow.”
IIC spokesman, Eoin O’Sullivan, said the insurer was also in discussions with the Irish Public Insurance Board (IPIB) and the State-owned Insurance Corporation of Ireland (Siac).
“The IPC and IPCIB are looking at the pension liability in the Irish government’s portfolio,” he said.
“At this stage we are not in a position to provide specific advice on the exact size of that liability.”
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It is a relatively small stake in the government pension fund, which was €6.5bn in 2017, when the Government last declared it would run a deficit.
The IIC’s assets include the country’s three major insurers, which cover the vast majority of the pension fund’s liabilities.
The other insurers are the National and State-controlled insurers, both of which have assets that are relatively small.
But with the government planning to raise €5bn from the sale of the national insurer, the other two, which have a combined $1.2bn in assets, are looking for more.
Irish Government pension plan The Government said on Thursday it had made “more than €4.5 billion available for the Irish pension scheme”, and said it planned to pay out a further €1.6bn by the end of the year.
The Irish Independent’s Irish Pension Investment Fund (IPIF) is expected to make a profit of about €6,000 in the financial year that starts on June 30, 2019, as a direct result of its pension fund.
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It was established by the government in 1997 to help pay pensions for those who were aged 65 and over at the time of their death.
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The Irish government has made a further $2.1bn available to the IIB, which is expected also to make profit in the same financial year.
The government will also use the proceeds to invest in other pension funds, including in its own.
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The government has already used its cash reserves to repay debt incurred in the run-up to the referendum, which saw the majority of voters reject the Government’s proposals to reduce or abolish the public service’s pension system for older people.
The debt will be repaid in full by the next financial year, and any remaining payments will be paid into the Irish State Pension Fund.
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