People in receipt of pensions from the United Kingdom can experience gains or losses in £ Irish terms with changes in the UK/Irish exchange rate. The deterioration in the value of sterling in recent months has meant that the advantage previously enjoyed when the Irish pound was below parity with sterling, has been eroded.
A person in recipt of a UK Retirement Pension may also be entitled, if aged over 66, to an Old Age Non-Contributory Pension from my Department. The UK Pension, would count as means for this purpose converted to Irish pounds by reference to an average exchange rate used by my Department. A UK pensioner who is already in receipt of an Old Age Non-Contributory Pension and whose means have dropped as a result, is entitled to request a review of his or her means assessment.
People in receipt of UK pensions who are experiencing difficulty as a result of their income falling below the appropriate rate of Supplementary Welfare Allowance for their family size, may contact the Community Welfare Officer at their local Health Centre.
The recent 10 per cent devaluation of the Irish punt will also have the effect of significantly increasing the value of pensions payable from the United Kingdom.