IRELAND - Fáilte Ireland, the National Tourism Development Authority, is tendering a contract for consultancy and administration services for its three pension funds.
The organisation, established in 2003 to guide and promote sustainable tourism in Ireland, currently operates three defined benefit (DB) schemes, two funded and one unfunded with benefits met on a pay-as-you-go basis by the department of arts, sports and tourism.
Fáilte Ireland is now offering a contract for the provision of "an efficient, effective, integrated and innovative pension fund consultancy and administration services and support to Fáilte Ireland" in relation to the three DB schemes.
Figures from Fáilte Ireland's last annual report for 2007 showed the unfunded superannuation scheme had net liabilities of €117m at the end of December 2007, while the closed funded CERT fund had assets of €15.5m and a deficit of €1.7m, and the Regional Tourism scheme - which is also closed to new members - had assets of €25.4m but a net shortfall of €14.2m.
The annual report also said the Authority also operates defined contribution (DC) pension schemes for those workers who are ineligible to join the DB superannuation scheme.
Further information on the contract can be obtained from the eTEnders website or Fáilte Ireland, and the closing date for applications is 10 June 2009.
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