Vol. 508 No. 4
143 Mr. Ring asked the Minister for Agriculture, Food and Rural Development when those in receipt of the farm early retirement pension will receive their compensation as promised following the 5.055 per cent reduction in their benefit from 1 January 1999 due to euro currency conversion; and if EU approval has been sought and received for this compensation payment. [19101/99]
The Council of Ministers has agreed that compensation will be paid over the next three years to participants in the schemes affected by reductions arising from the introduction of the euro.
Full compensation, with 100 per cent funding by the EU, will be payable for the reduction in 1999 pensions to participants who joined the scheme prior to 1998. Approval of the EU Commission is necessary before compensation will be paid. It is hoped that the Commission will give the necessary approval by the end of November, and once such a decision is received payment will issue as soon as possible. Two further tranches of compensation at reduced levels will be paid.
