Dáil Éireann Debate, Tuesday - 20 November 2012
186. Deputy Pearse Doherty asked the Minister for Finance the number of current staff who will receive pension payments on retirement of between €100,000 and €200,000, between €200,000 and €300,000 and €300,000 and €400,000 and the number with more than €500,000 at each of the covered banking institutions, the National Treasury Management Agency and National Asset Management Agency. [51067/12]
View answerIn relation to your enquiry regarding the number of current staff who will receive pension payments on retirement of between €100,000 and €200,000, between €200,000 and €300,000 and €300,000 and €400,000 and the number with more than €500,000 at each of the covered banking institutions, the National Treasury Management Agency and National Asset Management Agency.
Unfortunately, it is not possible to accurately forecast entitlements given the huge number of variables involved and then provide this on a comparable basis. For example in one institution there are 12 different pension schemes with 12 different sets of terms and conditions. Further given the fluidity of the current employment situation in the institutions e.g. the current schemes for early retirements and voluntary redundancies, freedom of personnel to leave on notice and the individual nature of retirement packages especially at executive level (transfer in arrangements), it is not possible to forecast figures in relation to future entitlements.
While the trustees of the schemes have actuarial models which allow them to forecast the financial state of the various schemes, these models are not available to my department and the institutions rely on their pension trustees for forecasting.
In addition to the points above, due to the small number of individuals in some institutions, even if it were possible to calculate the data, it would not be possible to release the information due to data protection constraints on personal data.
As the Deputy will be aware, the Government has commissioned a Remuneration Review across the covered banks and this is designed to inform future policy recommendations in this area.
