Brendan Griffin (Kerry, Fine Gael)
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114. To ask the Minister for Public Expenditure and Reform his plans to make available both purchase and transfer arrangements in the single public service pension scheme (details supplied); and if he will make a statement on the matter. [37799/16]

Paschal Donohoe (Dublin Central, Fine Gael)
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While there is a facility for the purchase of additional pension benefits under pre-existing public service pension schemes, there is no specific provision in the Public Service Pensions (Single Scheme and Other Provisions) Act 2012 which established the Single Pension Scheme, to provide for the purchase or transfer of additional pension benefits by Single Scheme members.  Notwithstanding this, a commitment has been given that a purchase and transfer facility would be provided by way of Regulations under the Single Scheme Act.   

Appropriate Regulations are being drafted and these will set out the rules of the new scheme.  It is intended that the Regulations will allow Single Scheme members to purchase additional pension and lump sum referable amounts. The Regulations will also provide for the transfer of pension entitlements accrued in certain other Revenue approved pension schemes to the Single Scheme. The pricing of purchased benefits will be based on the actuarially calculated cost of paying out those benefits at retirement and will operate on a cost neutral basis to the Exchequer. The draft scheme is currently subject to detailed legal considerations and the intention is to bring forward Regulations on the new scheme as soon as these legal considerations have been settled.