Dáil Éireann Debate, Tuesday - 14 February 2017
315. Deputy Noel Grealish asked the Minister for Public Expenditure and Reform if public sector pension liabilities are calculated using the same formula and assumptions as private sector defined benefit pension schemes; if not, the detail of the formula and assumptions which are used; and if he will make a statement on the matter. [6973/17]
Amharc ar fhreagraUnder EU Regulation (EU) 549/2013, the Central Statistics Office (CSO) will be required to report on the gross accrued public service pension liabilities of Irish public servants as part of the National Accounts. Reporting is mandatory, commencing with an end 2015 position for reporting in 2017. The assumptions underpinning the required report are prescribed under the EU Regulation.
Having previously carried out the 2012 actuarial valuation of the public service accrued pension liability, the Department of Public Expenditure and Reform has agreed to update this work on behalf of the CSO. A report including the principal assumptions applied in the 2012 valuation exercise can be accessed at www.per.gov.ie/en/public-service-pensions-accrued-liability/.
Valuation exercises in respect of private sector defined benefit pension schemes and the assumptions applied are a matter for the relevant Trustees of each scheme based upon expert advice and in line with legislative and regulatory requirements.
