Tuesday, 21 June 2022
Department of Transport, Tourism and Sport
As the Deputy is aware, in June 2021, Dublin Port Company, in line with the provisions of Dublin Port Superannuation Scheme 1996, sought Ministerial consent to a 2.5% increase in pensions in payment and deferred pensions that were impacted by the implementation of the pension levy.
The request for consent was reviewed within my Department in conjunction with the Department of Public Expenditure and Reform, with the assistance of NewERA.
Following consideration of that review, I have decided not to consent to the proposed 2.5% increase in benefits as the relevant CPI inflation calculation for the period in question - the year ending March 2021 - was actually 0% and the pension scheme’s policy is for inflation linked increases.
The Company has been advised of this decision. It is considered that any reversion of the reductions in pensions benefits on foot of the pension levy implementation and the method employed are matters for the trustees of the pension scheme to resolve. My Department will assist as appropriate in reviewing any proposals in this regard.
More broadly, it is acknowledged that there are increasing inflationary pressures generally as reflected in the Consumer Price Index over the last year and any future requests for consent will be considered as appropriate in light of these developments.