Dáil Éireann Debate, Tuesday - 10 February 2009
188 Deputy Joan Burton asked the Minister for Finance the remuneration on a per annum basis of the acting Financial Regulator including annual salary bonus and other emoluments on compensation including pension entitlement on retirement; if the pension entitlement is based on career averaging or on end salary; the set annual salary of the Financial Regulator; and the pension entitlement as a percentage of salary and the retirement lump sum. [4238/09]
View answerThe Acting Chief Executive's annual salary amounts to €285,341. This is the same salary as applied to the previous Chief Executive and also covers the Acting Chief Executive's continuing role as Consumer Director. The contract does not provide for performance related payments.
The Regulatory Authority has informed me that pension benefits to the Acting Chief Executive are payable in accordance with the Central Bank and Financial Services Authority of Ireland Superannuation Scheme. Benefits are based on final salary. However, if any officer has had a change in grade or has received a personal change in salary — other than a general or grade increase or normal increments — within 3 years of the retirement date, his/her salary is averaged in calculating pensionable salary. Lump sum superannuation benefits are calculated by reference to pensionable remuneration and reckonable service. The maximum lump sum payable is 1½ times final pensionable salary. Pension entitlements are also calculated by reference to pensionable remuneration up to a maximum of 50% of salary.
189 Deputy Joan Burton asked the Minister for Finance the compensation package on retirement of the Financial Regulator of the Irish Financial Services Regulatory Authority, who resigned on 31 January 2009 per media reports; the details of the package that is lump sum, termination payments, and the length of time pension and other compensation; the salary bonus and other compensation of the Regulator prior to retirement; and if he will make a statement on the matter. [4239/09]
View answerThe Chief Executive of the Regulatory Authority is appointed by the other members of that Authority and the conditions of employment are agreed between the person and the other members of the Authority. I am informed that the Chief Executive's contract did not provide for performance related payments.
The Regulatory Authority has informed me that pension benefits to the former Chief Executive are payable in accordance with the Central Bank and Financial Services Authority of Ireland Superannuation Scheme. This Scheme has terms and conditions which allow, in certain circumstances, for the payment of full pension benefits in cases where less than 40 years service is accrued.
I am informed that the former Chief Executive had two years remaining on his contract. I am also informed that, having regard to independent legal advice and his exclusive availability to the Authority for a period of three months, the Authority agreed to the payment of an additional €151,500, equivalent to six months remuneration, plus an additional two months salary, to the former Chief Executive.
