asked the Minister for Transport and Power if he will state with regard to the amended Bord na Móna Superannuation Scheme, 1970, in respect of the year ended 31st March, 1972, (a) the employee contribution income, gross and net, collected on the 4.2 per cent contribution, (b) the estimated income which would have been payable on a contribution of 3 per cent and (c) the estimated savings on the board's matching contribution arising from the reduction in the employee contribution.
Written Answers. - Bord na Móna Superannuation Scheme.
143.
The following is the information requested:
|
Gross |
Net |
|
|
(a) Employee contribution |
£136,526 |
£131,944 |
(b) and (c).
On the purely mathematical basis a contribution rate of 3 per cent should yield a net employee contribution to the fund of £94,246 (£131,944 x 30/42) which would yield a saving of £37,698 p.a. to Bord na Móna.
However, these figures are purely notional since they relate to a scheme in which the overall cost is 8.4 per cent of the members wages and where, statutorily, such costs must be shared equally between the members and Bord na Móna.
It is understood that further amendments to the scheme are being negotiated between the board and the trade unions and that a contribution rate equivalent to 3 per cent has been suggested by the actuary, together with a redefinition of "contributing wages" and "retirement wages". The proposed contribution rate equivalent to 3 per cent cannot be related either to "contributing wages" or "retirement wages" as they are defined in the draft amending superannuation scheme in operation since 4th June, 1970. The financial information given relates to "contributing wages" and "retirement wages" as they have been defined in the scheme operating since 4th June, 1970.