Written answers
Thursday, 15 November 2012
Department of Finance
Pension Provisions
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if employees at the National Asset Management Agency pay a pension levy in accordance with the announcement of the previous administration on 3 February 2009. [50601/12]
Michael Noonan (Limerick City, Fine Gael)
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The National Asset Management Agency (NAMA) has no employees. Rather, under Section 42 of the NAMA Act 2009, the National Treasury Management Agency (NTMA) assigns staff to NAMA. The public service pension deduction is applied to all NTMA employees.
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if employees at the Irish Bank Resolution Corporation, in which he is the sole shareholder of 100% of the shares, pay a pension levy in accordance with the announcement of the previous administration on 3 February 2009; and if no such levy is paid to provide an explanation for this position. [50602/12]
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if employees at Permanent TSB, in which he is the shareholder of 99.5% of the shares, pay a pension levy in accordance with the announcement of the previous administration on 3 February 2009; and if no such levy is paid to provide an explanation for this position. [50603/12]
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if employees at Irish Life, in which he is the sole shareholder of 100% of the shares, pay a pension levy in accordance with the announcement of the previous administration on 3 February 2009; and if no such levy is paid to provide an explanation for this position. [50604/12]
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if employees at Allied Irish Banks including the Educational Building Society, in which he is the shareholder of 99.8% of the shares, pay a pension levy in accordance with the announcement of the previous administration on 3 February 2009; and if no such levy is paid to provide an explanation for this position. [50605/12]
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if employees at the Bank of Ireland, in which he is the share holder of 15% of the ordinary shares and controls preference shares estimated to be worth €1.493bn, pay a pension levy in accordance with the announcement of the previous administration on 3 February 2009; and if no such levy is paid to provide an explanation for this position. [50606/12]
Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 74 to 78, inclusive, together.
The Pension Related Deduction (PRD) is known as the pension levy. This was a savings measure introduced in the Financial Emergency Measures in the Public Interest Act, 2009, brought in by the Exchequer to reduce the costs of pensions to the State. It only applies to people belonging to public service pension schemes and does not apply to semi-states or the private sector. Irrespective of the Minister’s shareholdings in each of the covered institutions, no public service pension schemes exist in those institutions and therefore the pension levy does not apply. Further information can be found on www.per.gov.ie/pensions where documents and FAQs on the PRD can be found.
Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will provide in tabular form the estimated annual receipts to the Exchequer which would arise if employees in the following organizations were required to pay a pension levy in accordance with the announcement of the previous administration on 3 February 2009: Allied Irish Banks incorporating the Educational Building Society, Bank of Ireland, Permanent TSB, Irish Life and Bank of Ireland. [50607/12]
Michael Noonan (Limerick City, Fine Gael)
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The Pension Related Deduction (PRD) is known as the pension levy. This was a savings measure introduced in the Financial Emergency Measures in the Public Interest Act, 2009, brought in by the Exchequer to reduce the costs of pensions to the State. It only applies to people belonging to public service pension schemes and does not apply to semi-states or the private sector. Irrespective of the Minister’s shareholdings in each of the covered institutions, no public service pension schemes exist in those institutions and therefore the pension levy does not apply. Further information can be found on www.per.gov.ie/pensions where documents and FAQs on the PRD can be found. I do not have sufficient information on pay rates and distribution to provide a full answer to the deputy’s question, for example the levy would only impact Irish tax residents, and I do not have a breakdown of Irish and foreign tax residents in the employ of each covered institution, nor would I have awareness of the individual circumstances of each employee and how that would affect the bands relevant to the pension levy in each case. As the Deputy will be aware the Government has commissioned a Remuneration Review across the Covered Banks and this is designed to inform future policy recommendations in this area.
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