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Written Answers. - ESB Pension Benefits.

Wednesday, 28 February 1996

Dáil Éireann Debate
Vol. 462 No. 3

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 136. Mr. S. Brennan Information on Seamus Brennan Zoom on Seamus Brennan  asked the Minister for Transport, Energy and Communications Information on Michael Lowry Zoom on Michael Lowry  the pension benefits, if any, a 50 year old employee of the ESB will receive on reaching 60 years of age by way of lump sum and ongoing pension rate. [4612/96]

Minister for Transport, Energy and Communications (Mr. Lowry): Information on Michael Lowry Zoom on Michael Lowry I have been advised by ESB that pension entitlements vary from individual to individual depending on accrued service at pension date. Pension benefits are only payable at 60 where the individual retires or has left ESB under a voluntary severance scheme.

Assuming maximum potential service, the individual, should he/she retire at age 60, is entitled to a pension lump sum of 1.5 times salary and an ongoing pension of 50 per cent salary. The ongoing pension payment is subject to taxation.

However, these benefits are reduced where the individual has not attained the maximum service period by the pension date.


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