Dáil Éireann Debate, Thursday - 18 July 2013
132. Deputy Michael McGrath asked the Minister for Finance in respect of each State agency and commercial State company under the aegis of his Department, if he will provide details of the name of each pension scheme; details of the salary percentage contributions made by the employer and the employees; the latest information on the funding position of the scheme; if any changes are planned; and if he will make a statement on the matter. [36372/13]
Amharc ar fhreagraIn response to the Deputy's question I have been provided with the following information in respect of bodies under the aegis of my Department.
National Treasury Management Agency
Superannuation entitlements of NTMA staff are conferred under a defined benefit superannuation scheme set up under Section 8 of the National Treasury Management Agency Act 1990 – the National Treasury Management Agency Pension Scheme. Contributions are transferred to an externally-managed fund. The Agency contribution is determined on the advice of an independent actuary and is, at present, set at a level of 25 per cent of salary in respect of members of the Scheme prior to 1 January 2010 who receive benefits based on final salary. A contribution of 10 per cent of salary is made in respect of new members of the Scheme from 1 January 2011. These new entrants, including staff who previously availed of Personal Retirement Savings Account arrangements, will receive benefits based on career average earnings.
Employee contributions are 1.5 per cent of salary in respect of final salary members and 2 per cent of salary in respect of career average members.
As indicated in the NTMA Administration Account the scheme deficit was €870,000 at end-2012.
It is planned to amend the terms of the career average scheme for new entrants to reflect the terms of the single public service pension scheme.
Financial Services Ombudsman and Financial Services Ombudsman Bureau
Draft Schemes exist in relation to – Financial Services Ombudsman (Employees) Superannuation Scheme and Financial Services Ombudsman Bureau (Ombudsman and Deputy Ombudsman) Superannuation Scheme. Changes are under consideration based on the Model Public Sector Scheme.
Credit Union Restructuring Board (ReBo)
Staff of ReBo are civil servants and are covered by relevant Civil Service superannuation schemes
The Central Bank of Ireland
The Central Bank’s superannuation scheme is called ‘Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008. Contributions are defined by standard public sector requirements. Since 2008 the Central Bank scheme has been fully funded. No changes are planned to the scheme at this time.
Details of the scheme are contained in Note 32 of the Central Bank’s Annual Report 2012.
