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Banking Sector Remuneration

Dáil Éireann Debate, Tuesday - 18 December 2012

Tuesday, 18 December 2012

Questions (141, 142)

Dara Calleary

Question:

141. Deputy Dara Calleary asked the Minister for Finance the number of members there are in the Irish Bank Resolution Corporation, formerly Anglo Irish Bank, pension scheme; if there has been any reduction in pensions paid to members in the past five years; and if he will make a statement on the operation of the scheme. [56288/12]

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Dara Calleary

Question:

142. Deputy Dara Calleary asked the Minister for Finance the number of deferred members there are in the Irish Bank Resolution Corporation, formerly Anglo Irish Bank, pension scheme; if there will be any reduction in pensions to be paid to members when they are due; and to make a statement on the operation of the scheme. [56289/12]

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Written answers

I propose to take Questions Nos. 141 and 142 together.

I have been advised that the number of members in the former Anglo Irish Bank and former INBS defined benefit pension scheme is 258. The number of deferred members is 188.

Pension entitlements for these schemes are a matter for the independent Trustees.

All bar 1.5% of current IBRC employees are on a defined contribution pension (or no pension scheme) as opposed to a defined benefit pension scheme. The future value of their annual pension is not guaranteed.

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