€2m pension deficit case fast-tracked

A judge has made orders fast-tracking an action against three companies over an alleged €2.23m deficit in a defined benefit pension scheme.

Mr Justice Peter Kelly said he was sure the affected pensioners, like many others in such schemes, were worried and he would make directions aimed at having the case heard at the Commercial Court in December.

The action is by the trustees of the Omega Pharma Ireland Pension and Death Benefit Scheme, a defined benefits scheme.

Damianus BV, with registered offices at Rotterdam, Netherlands, is the principal employer involved. The case is also against related companies, Omega Teknika Ltd and Chefaro Ireland Ltd, both with offices at Sir John Rogerson’s Quay, Dublin, in their capacity as associated employers.

In the action, the trustees said the defined benefit scheme is governed by a trust deed of Nov 2004, which obliges the employers to transmit to the trustees the sums considered necessary to maintain the fund.

It is claimed Damianus had in Oct 2011 served three months notice of its intention to discontinue contributions. In Dec 2012, the trustees served a demand on the employers seeking a final contribution in accordance with the provisions of the scheme.

The employers had failed to make any payment to the scheme and the sum due now was about €2.23m, it is claimed. On May 17, solicitors for the trustees had written to the employers demanding full payment of that sum within seven days but no payment was made.

Both sides agreed to directions for exchange of documents in preparation for a hearing on Dec 3.