Tom Neville (Limerick County, Fine Gael)
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370. To ask the Minister for Public Expenditure and Reform his views on a matter (details supplied) regarding the Civil Service pension scheme; and if he will make a statement on the matter. [11853/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I take it that the Deputy is referring to the Single Public Service Pension Scheme that was introduced for new entrants to the public service, including the civil service, from 1 January 2013.

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.  Consistent with the structure of the Single Scheme, it is intended  that the Regulations will allow Single Scheme members to purchase additional pension and lump sum referable amounts to augment pension benefits accrued under the Scheme. Under the new facility, it is expected that each purchase agreement will be entered into and completed on an annual basis and paid for either by way of a lump-sum contribution or by periodic deductions from salary, where the Relevant Authority offers such a facility. The Regulations are also expected to 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 and other considerations and the intention is to bring forward Regulations on the new scheme as soon as these considerations are complete.