Written answers

Thursday, 19 November 2015

Department of Public Expenditure and Reform

Defined Benefit Pension Schemes

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail)
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95. To ask the Minister for Jobs, Enterprise and Innovation the number of defined benefit pension schemes currently listed for employees under his remit; the number that are in deficit; his plans to consolidate any of these schemes; and if he will make a statement on the matter. [41291/15]

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)
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There are 13 defined benefit pension schemes for employees of a number of bodies that come under my Department’s remit as listed below. All are “pay-as-you-go” schemes (i.e. are unfunded schemes where the ability to pay pensions in the future is essentially underwritten by the government) and are not, therefore, in deficit.

1. IDA Ireland Superannuation Scheme

2. Enterprise Ireland Superannuation Scheme

3. National Standards Authority of Ireland Superannuation Scheme

4. Science Foundation Ireland Superannuation Scheme

5. Health and Safety Authority Superannuation Scheme

6. Irish Auditing and Accounting Supervisory Authority Superannuation Scheme

7. Personal Injuries Assessment Board Superannuation Scheme

8. National Consumer Agency Superannuation Scheme

9. The Competition Authority Staff Superannuation Scheme

10. The Competition Authority (Chairman and Members) Superannuation Scheme

11. Labour Court (Members) Superannuation Scheme

12. The CEO of the Labour Relations Commission Superannuation Scheme

13. Shannon Free Airport Development Company Superannuation Scheme (SFADCo) - (The assets of this scheme were transferred to the National Pension Reserve Fund under the Financial Measures (Miscellaneous Provisions) Act 2009 and so it is now a pay-as-you-go scheme).

There are no plans to consolidate these schemes as they are unfunded. However, Agency restructuring such as the merger of the National Consumer Agency and the Competition Authority to form the Competition and Consumer Protection Commission gives rise to administrative amendments to individual schemes.

Also, since the introduction of the Single Pension Scheme in 2012, newly recruited employees will become members of that scheme rather than any of the individual schemes mentioned above.

Finally, Civil Servants of my Department are members of the Civil Servants Superannuation Schemes.

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