The Irish government has introduced legislation for a temporary holding fund with Ir£3bn (e3.8bn) being set aside for social welfare and public service pensions provision. Substantive legislation on the establishment and management of these two pension funds is being prepared.
This year further Ir£1.5bn from the Telecom sale will also be allocated for pension funding that along with the 1% of GNP allocation for this year, estimated at Ir£635m, represent a total sum of around Ir£4.8bn put aside for long term funding purposes.