Clare Daly (Dublin Fingal, Independent)
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111. To ask the Minister for Public Expenditure and Reform further to Parliamentary Question No. 383 of 20 June 2017, if he will provide the actuarial transfer value tables for the public sector transfer network as referenced. [30547/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The actuarial tables currently in use for calculating transfer values via the Public Service Transfer Network (PSTN) are as follows. These tables are subject to review periodically.

The tables are for use in calculating the values of retirement benefits included on the information forms. They should not be used in cases where a transfer value falls to be paid on foot of a Pension Adjustment Order (e.g. a case where the beneficiary spouse of an order on member’s pension dies while the member is in active service). Such cases should be referred to the Department of Public Expenditure and Reform.

INFORMATION REQUIRED TO DO AN ACTUARIAL VALUATION

1. date of birth of the member

2. date of valuation – the date chosen by the trustees and used in the provision of information on the information form unless the valuation is done on foot of a court order which specifies a particular date

3. annual pension on the date of valuation - see 2 above

4. amount of lump sum – not required in the case of a pensioner – on the date of valuation - see 2 above

5. annual spouse’s pension on date of valuation - see 2 above

How to calculate an actuarial valuation

- Calculate the age last birthday

- Using this age, look up the tables for the three factors – pension, lump sum (if not already paid) and spouse’s pension. Use Table 1to calculate the valuation in cases of members (whether serving or former members) with a preserved pension age of 60, Table 2in cases of members (whether serving or former members) with a preserved pension age of 65 and Table 3in cases where payment of pension has already commenced

- Multiply each factor by the appropriate benefit amount shown in the Table

- The sum of the relevant amounts is the actuarial valuation.

Table 1

Serving employees with a preservation age of 60

Value of Benefit of € Per Annum

Serving Employees with a preservation age of 65

value of benefit of €1 per annum

Pension in course of payment

value of benefit of €1 per annum