The annual estimated cost of introducing a defined contribution scheme for CE Supervisors was estimated at €3.75m for 2008, if the Department were to be the main funding body. Subsequent years have been calculated to work out at an average of approximately €3.7m per annum.
The Department is not the employer in respect of any person engaged in CE schemes. The responsibilities of the sponsoring organisations and the individuals concerned must also be recognised when considering pension provision arrangements.
Employers (including CE Sponsoring Organisations) are legally obliged to offer access to at least one Standard Personal Retirement Savings Account (PRSA) under the Pension (Amendment) Act 2002. All CE sponsoring organisations were informed by the Department of their responsibilities under this Act at that time.
CE Supervisors may also qualify for the State Pension at 66 years of age. If they have accrued sufficient PRSI contributions (520 contributions @ full rate, equivalent to 10 years contributions) they will qualify for the State Pension (Contributory), which is not means-tested. In the event that there are insufficient contributions, the person may qualify for the State Pension (Non-Contributory), provided they satisfy the means test.
