Written answers

Tuesday, 29 May 2018

Department of Public Expenditure and Reform

Public Sector Pensions

Photo of Fergus O'DowdFergus O'Dowd (Louth, Fine Gael)
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214. To ask the Minister for Public Expenditure and Reform if a reply will issue to a query raised in correspondence (details supplied) relating to the single public service pension; and if he will make a statement on the matter. [23422/18]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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There is no specific provision in the Public Service Pensions (Single Scheme and Other Provisions) Act 2012 which established the Single Scheme, to provide for the augmentation of pension benefits by individual members of the Single Scheme. Notwithstanding this, a commitment has been given that a facility for the purchase and transfer of additional pension benefits by Single Scheme members 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. 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. 

In recent months, there has been an opportunity to devote considerable additional attention to the drafting of the Regulations. 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. I am optimistic that the momentum achieved recently can be maintained to ensure that the Regulations will be finalised in the coming months.

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