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Dáil Éireann debate -
Wednesday, 28 Feb 1996

Vol. 462 No. 3

Written Answers. - ESB Pension Benefits.

Seamus Brennan

Question:

136 Mr. S. Brennan asked the Minister for Transport, Energy and Communications the pension benefits, if any, a 50 year old employee of the ESB will receive on reaching 60 years of age by way of lump sum and ongoing pension rate. [4612/96]

I have been advised by ESB that pension entitlements vary from individual to individual depending on accrued service at pension date. Pension benefits are only payable at 60 where the individual retires or has left ESB under a voluntary severance scheme.

Assuming maximum potential service, the individual, should he/she retire at age 60, is entitled to a pension lump sum of 1.5 times salary and an ongoing pension of 50 per cent salary. The ongoing pension payment is subject to taxation.

However, these benefits are reduced where the individual has not attained the maximum service period by the pension date.

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