I propose to take Questions Nos. 67 and 68 together.
The table sets out the information requested by the Deputy.
Semi-State and State agency executives and employees that have salaries of more than €100,000 per year
The legislation which established the NTMA in 1990 deliberately positioned it outside of public service structures with operational freedom to negotiate market-competitive salaries. Under the NTMA business model there are no general pay grades and staff are employed on the basis of confidential individually negotiated contracts. The NTMA’s business model is designed to support it in acting commercially to achieve its business objectives. It has enabled the NTMA to compete with the private sector to attract and retain staff with specialist and highly marketable skills – often in mid-career. It has been essential in enabling the NTMA to staff itself with the professional expertise necessary to carry out the new functions which successive Governments have assigned to it. The NTMA has seen a significant growth in staff numbers in recent years as a result of new functions assigned to it, particularly NAMA. All NAMA staff are employees of the NTMA and under Section 42 of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA. NAMA reimburses the NTMA the costs of staff assigned to NAMA
Remuneration of NTMA employees (including taxable benefits where applicable) is as follows:
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Number
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Over €100,000
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159
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500
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The Public Service Pension Deduction is applied to NTMA employees. All fifteen NTMA employees whose salaries exceed €200,000 agreed to my request of December 2011 that they waive 15% of salary or such amount of salary as exceeds €200,000 if application of the full 15% reduction would bring their salary to below €200,000.
The Fiscal Advisory Council has made a nil return in relation to this question.
The Central Bank is not a semi-state agency nor is it exchequer funded. It is an independent body under the aegis of the Minister for Finance.
Former semi-State agency executives or employees in receipt of pensions in excess of 90,000 per year
NTMA employees are members of the NTMA defined benefit superannuation scheme or else have Personal Retirement Savings Accounts. The pension benefits of members of the NTMA superannuation scheme prior to 1 January 2010 are based on final salary. The pension benefits of members who joined the scheme on or after 1 January 2010 are based on career average earnings. Unlike most public pension schemes which are funded on a pay as you go basis the NTMA superannuation scheme is a funded scheme. Pension entitlements are within the standard entitlements in the model public sector defined benefit superannuation scheme. Pension contribution payments are not made to individual employees – they are paid into the scheme. The level of potential pension payments to members is dependent on length of service, based on final salary or career average earnings, with 1/80th of salary accruing for each year of service. There are 3 persons in receipt of pensions from the NTMA in excess of €90,000 per annum.
The Offices under the ambit of my Department are not semi-State agencies.
