Noel Coonan (Tipperary North, Fine Gael)
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Question 89: To ask the Tánaiste and Minister for Finance his estimate of the deferred pension liabilities of all public service employees and the way this compares to the moneys accumulated in the NPRF. [17279/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The accrued pensions liability in respect of all current public servants is estimated at €45 billion. This figure represents the present value of the liability to make future superannuation payments to serving employees and their dependants in respect of service to date. The National Pensions Reserve Fund was set up under the National Pensions Reserve Fund Act 2000. The Act provides for the payment from the Central Fund into the National Pensions Reserve Fund each year from 2001 until at least 2055 of a sum equivalent to 1% of GNP.

It is the responsibility of the National Pensions Reserve Fund Commission to invest the moneys in the Fund. The purpose behind the legislation is that the assets of the Fund, made up of the contributions from the Exchequer over the years plus any return that may be generated from the investment of the Fund, would meet as much as possible of the cost to the Exchequer of social welfare and public service pensions from 2025 until at least 2055. The legislation provides that no money can be drawn down from the Fund before 2025.

As recently reported by the Commission, the market value of the funds in the National Pensions Reserve Fund at the end of May 2007 was €20.75 billion.