Ferry group ICG to tackle pension deficit

ICG, whose passenger ships operate as Irish Ferries, said that the trustee of the Irish Ferries Limited Pension Scheme, which is the group's main defined benefit pension scheme, has been informed that the Pensions Authority has now issued a direction enabling the implementation of a deficit funding proposal.

ICG will make deficit payments of €1.5m a year for an expected 10 years, or until the deficit is eliminated. Additional payments of €500,000 a year will be paid to an escrow account, which may also be payable to the scheme in certain circumstances.