Over €9m was put into the IFA pension fund over the past 10 to 12 years in a number of special cash injections.

These were required to make good ongoing deficits in the fund which arose despite a regular yearly contribution by the organisation to the fund at the equivalent of 30% of staff salaries. Of course, most organisations and companies which operate defined benefit pension arrangements similarly faced fund deficits in recent years.

The Irish Farmers Journal understands that the retirement of high-profile and long-serving staff over the period in question, put severe pressure on the pension fund.

Under the presidency of John Bryan, the decision was taken to close the defined benefit pension fund. The organisation agreed to a five-year funding round which continues to put pressure on pensions.

Fund deficit

The Irish Farmers Journal understands that, in the face of fund deficit, over €3m was injected into the pension fund under the leadership team of president John Dillion, deputy president Ruairi Deasey and treasurer Padraig Walshe.

As president, Padraig Walshe along with his leadership team of deputy president Derek Deane and treasurer Ruairi Deasey, were forced to inject a further €3m as the fund once again fell into deficit.

Under the term of president John Bryan, deputy president Eddie Downey and treasurer JJ Kavanagh, a further €3m was required to tackle the ongoing pension deficit.

The Irish Farmers Journal understands that this was paid into the pension over the period 2011-2013, with funds secured from a €1m per year subvention from the FBD Trust. Michael Berkery acts as chairman of both FBD Holdings and the FBD Trust.