I am informed by the National Treasury Management Agency (NTMA) that NTMA employees are members of the NTMA defined benefit superannuation scheme or else have Personal Retirement Savings Accounts (PRSAs). The pension benefits of members of the NTMA superannuation scheme prior to 1 January 2010 are based on final salary. The pension benefits of members who joined the scheme on or after 1 January 2010 are based on career average earnings. The NTMA superannuation scheme is a funded scheme and pension entitlements are within the standard entitlements in the model public sector defined benefit superannuation scheme.
I am also informed by the Agency that performance-related payments do not count towards the calculation of pension benefits which are derived from base salary. Gifting of a proportion of salary to the Exchequer under Section 483 of the Taxes Consolidation Act 1997 does not affect the calculation of pension benefits. The pension benefits of NTMA executives have not been altered or increased following either the waiving of performance-related payments or the gifting of a proportion of salary to the Exchequer.