Skip to main content
Normal View

NAMA Staff Remuneration

Dáil Éireann Debate, Tuesday - 27 November 2012

Tuesday, 27 November 2012

Questions (246)

Pearse Doherty

Question:

246. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 228 of 6 November 2012, in which he stated that one National Asset Management Agency employee earned more than €500,000 gross salary, employer pension contribution and where applicable, other benefits and further to Parliamentary Question No. 200 of 20 November 2012, in which he stated that NAMA's chief executive officer's salary is €365,500 and in addition payments of circa €24,000 were made in respect of car and medical, if the NAMA employee referred to in both questions is the NAMA CEO; if so, if he will provide an explanation for the apparent discrepancy between remuneration of more than €500,000 and circa €390,000 of salary and car and medical insurance; and if he will reconfirm the breakdown of salary and additional benefits paid to the NAMA CEO. [52897/12]

View answer

Written answers

I am informed by NAMA that there is no discrepancy between the two replies. Parliamentary Question No. 200 of 20 November 2012 sought information on the salary and taxable benefits paid to the NAMA Chief Executive in 2010 and 2011. This was provided as follows:

-

2011

2010

Salary

€430,000

€430,000

Taxable Benefits (car and health insurance)

€24,483

€23,036

The reply also stated that the Chief Executive agreed to a request from the Minister to a reduction of 15% in salary in respect of 2012, thereby bringing his 2012 salary to €365,500.

Parliamentary Question 228 of 6 November 2012 sought information on the total remuneration package, including pension costs. The reply was therefore prepared by reference not only to contractual salary and benefits but also to the actuarially-determined employer contribution to the NTMA superannuation scheme. Unlike most public pension schemes which are funded on a pay as you go basis, the NTMA superannuation scheme is a funded scheme. Pension contributions are not paid 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.

Top
Share