I propose to take Questions Nos. 77 to 79, inclusive, together.
I have been informed by Permanent TSB that the names of the three defined benefit pension schemes in Permanent TSB are the Irish Permanent Pension Plan, the TSB Bank Pension scheme and the Irish Permanent Executives Pension Plan. The following table which has been provided to me by Permanent TSB sets out the latest available deficits in the schemes as at 31 December 2012 and the number of members, deferred pensioners and pensioners of each of the schemes as at 31 December 2011. The Deputy should note that the split of members is fluid and can change over time.
-
|
TSB Bank Scheme
|
Irish Permanent Pension Plan
|
Irish Permanent Executives Pension Plan
|
Total
|
Deficit €m
|
144
|
154
|
12
|
311*
|
|
|
|
|
|
Active Members
|
520
|
1,148
|
6
|
1,674
|
Deferred Members
|
687
|
1,126
|
19
|
1,832
|
Pensioners
|
156
|
105
|
25
|
286
|
Total Members
|
1,363
|
2,379
|
50
|
3,792
|
*The total deficit of €311 million is shown on Page 129 of the 2012 Annual Report.
The Deputy will observe that there is an Executives pension plan. I am informed by Permanent TSB that the Executives pension plan closed to new members in 2001. Permanent TSB has informed me that contributions to this scheme ceased in March 2013 and the active employees are included in the Defined Contribution schemes from June 2013.
As the Deputy may be aware a hearing is scheduled at the Labour Court on 21 June 2013 in relation to this matter. As I have stated previously space should be given for those negotiations to take place in a constructive manner. It is not appropriate for me to be involved in these detailed negotiations; rather the State's industrial relations machinery should be allowed to do its job.
As the Deputy will be aware there is a Relationship Framework in place with Permanent TSB which provides the basis on which the relationship between myself and Permanent TSB is governed. Under the terms of the Relationship Framework the bank operates as an independent economic entity and matters such as a wind-up of pension schemes fall within the purview of the bank. I can inform the Deputy that I have not been asked, and am not required, under the terms of the Relationship Framework to give approval for a wind-up of Permanent TSB's defined benefit pension schemes.