Clare Daly (Dublin North, United Left)
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36. To ask the Minister for Finance the reason a defined benefit pension scheme was established for staff in the National Asset Management Agency, in view of the undermining of such schemes in other places of employment and the failure to assist workers in these companies. [41719/14]

Michael Noonan (Limerick City, Fine Gael)
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I wish to advise that the defined pension scheme was not established for staff of NAMA. As the Deputy will be aware, NAMA staff are employees of the National Treasury Management Agency (NTMA) and assigned to NAMA under Section 42 of the National Asset Management Agency Act 2009.

Superannuation entitlements of NTMA staff are conferred under a defined benefit superannuation scheme set up under Section 8 of the National Treasury Management Agency Act 1990.  Members of the Scheme from 1 January 2010 will receive benefits based on career average earnings. The Deputy will be aware that the NTMA started recruiting staff for NAMA after this date.

The arrangements set out above apply to NTMA employees assigned to NAMA in the same way as to other NTMA employees.  The public service pension deduction is applied to NTMA employees.