Annual Report 2005 - The National Disability Authority

National Disability Authority
Notes to Financial Statements for the year
ended 31st December, 2005
11. SUPERANNUATION
Under the National Disability Authority Act 1999, the Authority with the approval of
the Minister for Justice, Equality & Law Reform and the consent of the Minister for
Finance, shall make a scheme or schemes for the granting of superannuation benefits to
or in respect of the members of staff, including the Director of the Authority.
A Model Scheme has been drafted and is awaiting approval from the Department of
Justice, Equality and Law Reform and the Department of Finance.
The National Disability Authority operates an unfunded defined benefit superannuation
schemes for staff.
At present staff who were formerly staff of the National Rehabilitation Board (NRB)
who retire receive Superannuation benefits under the terms of the Local Government
Superannuation Scheme. Staff who have been employed by NDA subsequent to its
establishment and who retire receive benefits in line with the terms of the Nominated
Health Agencies Superannuation Scheme.
(a) Pension Scheme
The results set out below are based on an actuarial valuation of the liabilities in respect
of the serving, retired and deceased staff of the NDA as at 31 December 2005. This
valuation was carried out by a qualified independent actuary for the purpose of the
accounting standard, Financial Reporting Standard No. 17- Retirement Benefits (FRS 17)
This valuation was carried out using the projected unit method.
The financial assumptions used to calculate scheme liabilities were as follows.
2005 2004 2003
Discount Rate 5.5% 5.5% 6%
Salary increase assumption 4% 4% 4%
Pension increase assumption 4% 4% 4%
Price inflation 2% 2% 2%
As the NDA schemes are unfunded, there are no assets held in respect of accrued
pension liabilities of the NDA staff.
86