Thomas Gould (Cork North Central, Sinn Fein)
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416.To ask the Minister for Public Expenditure and Reform if there are pensions pots that have laid dormant since the foundation of the State.[34545/24]

Paschal Donohoe (Dublin Central, Fine Gael)
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Having sought further clarity from the Deputy, this question is being answered on the basis that it relates to occupational public service pension schemes. These schemes include the Single Public Service Pension Scheme (‘Single Scheme’), for new-entrant public service employees appointed since 1 January 2013, and “pre-existing” public service pension schemes, for pensionable public service employees appointed prior to January 2013. In relation to these schemes, there are no dormant ‘pension pots’, as I will explain.

In general, public service pension schemes are Pay As You Go schemes. This means that there is no pension pot or investment fund that builds up to be used for the payment of pension benefits. Instead, all current or active scheme members pay contributions in each pay period, based on their pensionable remuneration. These contributions are collected by the public service employer and are generally remitted to the Exchequer along with other Appropriations-in-Aid. There is no ring-fenced pension pot and instead, pension benefits due under these occupational public service pension schemes are funded by the Exchequer as part of current expenditure.