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Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Public Expenditure and Reform: Estimates for Public Services 2012
Vote 12 - Superannuation and Retired Allowances (Supplementary) (28 Nov 2012)

Brian Hayes: The new figure of €522 million we are seeking consists of three elements, namely, the sum of €485 million the Department has spent to date, a sum of €32 million for the two remaining months of the year and an additional €5 million for lump sum payments. The Estimate of slightly more than €500 million is being superseded by the Supplementary Estimate of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Public Expenditure and Reform: Estimates for Public Services 2012
Vote 12 - Superannuation and Retired Allowances (Supplementary) (28 Nov 2012)

Brian Hayes: I want to be fair about this. Over €500 million is provided for in Vote 12. We are looking for €25 million today. That represents a deviation of 5% by 31 December on what was in the Estimate on 1 January. Fair is fair. At a time when we are dealing with more extended exits from the public sector than ever before, and given that we are relying on information coming back from...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Public Expenditure and Reform: Estimates for Public Services 2012
Vote 12 - Superannuation and Retired Allowances (Supplementary) (28 Nov 2012)

Seán Fleming: While I accept that the overall Estimate of €500 million is within 5% of the original target, expenditure under the subhead causing the problem is 20% higher than anticipated. This difference is masked in the overall figure. The Minister of State is seeking an additional €25 million to cover the costs of pensions for retired civil servants. How many retired civil servants...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Public Expenditure and Reform: Estimates for Public Services 2012
Vote 12 - Superannuation and Retired Allowances (Supplementary) (28 Nov 2012)

Brian Hayes: ...to estimate as the majority of persons covered by the Vote may, once they reach the age of 60 years, exercise an option to retire at any stage before reaching their compulsory retirement age of 65 years. Eligible persons may opt to retire even earlier than 60 years under the terms of cost neutral early retirement. Persons are also, I am glad to say, generally living longer and therefore...