While the minister is correct that the changes to the minimum number of contributions from 260 to 520 was signalled well in advance the change to the pension rate bands was not. I was aware of the total contributions system being introduced in 2020 but never once considered that an Irish Government would decide to reduce pensions by stealth through changes to the pension rate bands without prior notice in 2012. That is not reasonable for any pension scheme. I will probably gain about €6 from the new Total Contributions Approach for post 2012 pensioners but will still be at a loss of €13 and will also continue to get reduced pension increases. Not everyone is happy that the review of pensions under the TCA will amend the problems created by Budget 2012 pension changes. I think there are many women out there who have no idea how to calculate what they will gain from the pension review and will be bitterly disappointed when they finally find out that we were hoodwinked by the pension fix announced in January 2018.
Monica Condron
Posted on 9 Dec 2018 12:31 pm
While the minister is correct that the changes to the minimum number of contributions from 260 to 520 was signalled well in advance the change to the pension rate bands was not. I was aware of the total contributions system being introduced in 2020 but never once considered that an Irish Government would decide to reduce pensions by stealth through changes to the pension rate bands without prior notice in 2012. That is not reasonable for any pension scheme. I will probably gain about €6 from the new Total Contributions Approach for post 2012 pensioners but will still be at a loss of €13 and will also continue to get reduced pension increases. Not everyone is happy that the review of pensions under the TCA will amend the problems created by Budget 2012 pension changes. I think there are many women out there who have no idea how to calculate what they will gain from the pension review and will be bitterly disappointed when they finally find out that we were hoodwinked by the pension fix announced in January 2018.