Vol. 509 No. 6
228 Mr. Higgins (Mayo) asked the Minister for Agriculture, Food and Rural Development the reason compensation arrangements have not been put in place for the 5 per cent reduction in the farm retirement pension which came into effect in January 1999. [21313/99]
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.
In so far as the scheme of early retirement from farming is concerned, 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.
