Dáil Éireann Debate, Tuesday - 8 September 2020
311. Deputy Sean Sherlock asked the Minister for Finance if he has been notified by the Central Bank that an additional 20% increase in pension contributions is to be awarded to staff at the bank; and if he will make a statement on the matter. [22509/20]
Amharc ar fhreagraThe Central Bank of Ireland's Superannuation Scheme (the Central Bank & Financial Services Authority of Ireland Superannuation 2008) was established by Statutory Instrument and the benefits must mirror those of the civil service superannuation schemes. The employee contribution rate also mirrors the contributions made by Civil Servants including the Additional Superannuation Contribution (ASC) introduced by the Dail in January 2019. As the Central Bank Scheme is a funded scheme, contributions from both employees and the Central Bank are invested in a fund administered by Trustees. The Scheme fully satisfies the Pension Authority's Funding Standard and has done every year since it was established in 2008.
The Central Bank's contribution rate to the Superannuation Scheme is set every three years informed by a valuation report prepared by the Scheme Actuary. I have been advised that the most recent valuation, conducted by the Scheme Actuary Lane Clark & Peacock Ireland Ltd., recommended that the Central Bank's contribution rate increase from 15.9% to 19.2%, effective 1 January 2021. This recommendation was accepted by the Trustees of the Scheme and approved by the Central Bank Commission. This increased contribution rate will ensure that the Scheme continues to meet the funding requirements set by the Pensions Authority and is able to meet future obligations.
