Debate resumed on amendment No. 1:To delete all words after “Dáil Éireann” and substitute the following:“takes note of the Government’s leadership and strong policy of remuneration restraint and sustainable pension reforms since taking office in March 2011, and in particular: — acknowledges that all members of the Government accepted reductions in their pay on their first day in office; — notes that this pay reduction will reduce the pensions paid to members of this Government on retirement; — agrees that the pension levy stamp duty introduced by the Finance (No. 2) Act 2011 is a timely and legitimate source of revenue to the Exchequer; — notes the significant reduction in public service pensions in payment before end-February this year introduced by the Financial Emergency Measures in the Public Interest Act 2010; — notes the reduction in public service pensions coming into payment since end-February this year that results from the pay cut introduced by the Financial Emergency Measures in the Public Interest (No. 2) Act 2009; — welcomes and supports major pension reforms brought forward by the Minister for Public Expenditure and Reform, including:— legislating for the Single Public Service Pension Scheme; — widening the application of pension abatement and service caps across the public service; and — introducing a higher top rate of the public service pension reduction for those in receipt of public service pensions above €100,000;— recognises that pensions are deferred income and are property rights; and — acknowledges that the general public policy in the Financial Emergency Measures legislation (including the pension-related deduction, pay cuts and the pension reduction) is to reduce, in a reasonable and proportionate way, public service expenditure and in particular that the pension reduction applies in a tapered and progressive manner to public service pensioners.”- (Minister of State at the Department of Public Expenditure and Reform, Deputy Brian Hayes).

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