asked the Minister for Industry and Commerce if he will state (1) the amounts of the pension for life and the gratuity which will become payable under the provisions of the Transport Act, 1950 (Second Schedule), to the present chairman of Córas Iompair Éireann if he continues to hold that office until he attains the age of 65 years and then resigns, on the assumption that his present salary of £4,500 per annum will continue unchanged until that event; (2) the capital sum which would purchase at this date a life annuity payable to the chairman from his 65th birthday equal to the said pension, and (3) whether any pension is payable to the first chairman of Córas Iompair Éireann in respect of his service with that undertaking.
Ceisteanna—Questions. Oral Answers. - Córas Iompair Éireann Chairmen's Pensions.
On the assumption in the first part of the question, the present chairman of Córas Iompair Éireann, on attaining the age of 65 years, would be entitled to a gratuity of £4,500 and to an annual pension of £1,687 10s. 0d. The pension is based on his service with local authorities, the Civil Service and Córas Iompair Éireann. The capital sum which would purchase a life annuity equal to the pension is calculated at £12,479. On losing office after four years' service, the first chairman of Córas Iompair Éireann was compensated under the terms of his agreement with the company by a lump-sum payment of £10,557. He had prior to that received compensation amounting to £16,388 in respect of his previous transport service. No pension is being paid to the first chairman. By agreement, his rights to pension were commuted for the two lump-sum payments which I have mentioned.