Written answers
Tuesday, 16 October 2007
Department of Finance
Pension Provisions
10:00 pm
Richard Bruton (Dublin North Central, Fine Gael)
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Question 187: To ask the Tánaiste and Minister for Finance his latest estimate of the actuarial cost of providing the present public service pension to all of the key professions in the public service (details supplied) and of different grades within the public service in terms of the contribution required as a percentage of salary to fund such a pension. [23639/07]
Brian Cowen (Laois-Offaly, Fianna Fail)
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The actuarial costs of providing public service pensions to future new recruits for various public service grades are given below where all figures are expressed as the percentages of annual pensionable pay:
Gardai: 22%
Nurses: 15%
Teachers: 17%
Prison Officers: 20%
Defence Forces Commissioned Officers: 29%
Defence Forces Enlisted Personnel: 20%
The above figures represent the estimated annual notional costs of funding the application of current pension terms for new entrants to future new recruits based on current pay, pensionable allowances and social welfare pension rates. These different percentages reflect the different retirement ages, accrual rates and pay scales applying to the grades in question. These costs are before any allowance is made for employees' occupational pension contributions which, on average, amount to around 5% of pay.
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