Dáil Éireann Debate, Wednesday - 21 November 2012
69. Deputy John Halligan asked the Minister for Finance if he will provide details of the number of former semi-State agency executives or employees, on an agency basis, in receipt of pensions in excess of €90,000 per year; and if he will make a statement on the matter. [52157/12]
View answerNTMA 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.
