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Banking Sector Remuneration

Dáil Éireann Debate, Tuesday - 10 December 2013

Tuesday, 10 December 2013

Ceisteanna (152)

Pearse Doherty

Ceist:

152. Deputy Pearse Doherty asked the Minister for Finance if he will provide in tabular form for each of Bank of Ireland, Allied Irish Banks, Permanent TSB, the National Treasury Management Agency and the National Asset Management Agency, the number of retired employees currently being paid a pension; if he will provide separately the number currently in the employment of the covered institution but who will in due course be entitled to a pension of between €100,000 and €200,000, between €200,001 and €300,000, between €300,001 and €400,000, between €400,001 and €500,000, and in excess of €500,000. [52985/13]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The following are the details of the number of retired employees at each of the institutions.

Institution

No. of retired employees in receipt of a pension

Bank of Ireland

5,400

Allied Irish Bank(i)

3,821

permanent tsb (ii)

295

National Treasury Management Agency

14

National Asset Management Agency

-

Notes:

i) AIB numbers as at 30 September 2013

ii) ptsb numbers as at 31 December 2012

In relation to your enquiry regarding the number of current staff who will receive pension payments on retirement of various levels, unfortunately, it is not possible to accurately forecast entitlements given the huge number of variables involved and then provide this on a comparable basis. For example in one institution there are 12 different pension schemes with 12 different sets of terms and conditions. Further given the fluidity of the current employment situation in the institutions e.g. the current schemes for early retirements and voluntary redundancies, freedom of personnel to leave on notice and the individual nature of retirement packages especially at executive level (transfer in arrangements), it is not possible to forecast figures in relation to future entitlements.

While the trustees of the schemes have actuarial models which allow them to forecast the financial state of the various schemes, these models are not available to my department and the institutions rely on their pension trustees for forecasting. In addition to the points above, due to the small number of individuals in some institutions, even if it were possible to calculate the data, it would not be possible to release the information due to data protection constraints on personal data.

NTMA employees are members of the NTMA defined benefit superannuation scheme or else have Personal Retirement Savings Accounts. 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. Unlike most public pension schemes which are funded on a pay as you go basis, the NTMA superannuation scheme is a funded scheme. Pension entitlements are within the standard entitlements in the model public sector defined benefit superannuation scheme. Pension contributions are not paid to individual employees – they are paid into the scheme. The level of potential pension payments to members is dependent on length of service, based on final salary or career average earnings, with 1/80th of salary accruing for each year of service.

Question No. 153 answered with Question No. 149.
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