Joe Walsh (Cork South West, Fianna Fail)
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The rate of pension payable under the 1994 early retirement scheme is the maximum provided for by the EU Council regulation under which the scheme was introduced. The regulation does not provide for indexation of payments.

My Department's proposals for the early retirement scheme that commenced on 27 November 2000, which forms part of the CAP rural development plan for the period 2000-06, included provision for annual increases in pension over the period of the plan. The European Commission rejected this proposal and insisted that a fixed rate be set instead. My Department then proposed a rate that was the average of the scale initially proposed. This was acceptable to the Commission and is the rate provided for in the new scheme.