The Pensions Act 1990 is amended by the insertion of the following section after section 48A (inserted by section 10 of the Social Welfare and Pensions (No. 2) Act 2013):

"48B. Payment of moneys by Minister for Finance in respect of liabilities accruing under certain relevant schemes

(1) The Minister for Finance may, at the request of the Minister, following consultation with the Minister for Public Expenditure and Reform, pay moneys to an approved person for the purpose of the discharge by the approved person of the liabilities of an eligible pension scheme, referred to in paragraph (b) of the definition of eligible pension scheme.

(2) The Minister for Finance may, after consultation with the Minister for Public Expenditure and Reform, authorise a person to be an approved person for the purposes of this section.

(3) The moneys referred to in subsection (1) that are required by the Minister for Finance for the making of a payment under that subsection shall be paid out of the Central Fund or the growing produce thereof.

(4) In this section -

‘approved person’ means a person authorised under subsection (2);

‘eligible pension scheme’ means a relevant scheme where the date of the winding up of the scheme is on or after 25 January 2007 and before 25 December 2013 and in respect of which -