Dáil Éireann Debate, Tuesday - 5 April 2011
78 Deputy Terence Flanagan asked the Minister for Finance if public servant pension contributions deductions are paid into a separate pensions fund which is ring-fenced; and if not, the position regarding same; and if he will make a statement on the matter. [6518/11]
View answerOccupational pension contributions made by public service employees are not generally paid into a separate or ring-fenced fund. The vast majority of public service occupational pension schemes are financed on a pay-as-you-go basis, with the annual cost of pensions being met from current revenue. The contributions received from employees are usually recorded under the Appropriations-in-Aid heading of the appropriate Vote, rather than netted off against pension payments. There are a small number of public service bodies who have funded pension schemes, such as the Commission for Communications Regulation, and scheme member's pension contributions are paid into the fund in these cases.
