Vol. 514 No. 2
74 Mr. Ring asked the Minister for Agriculture, Food and Rural Development when persons in receipt of pensions under the farm early retirement scheme will receive compensation following the 5.055% reduction in their benefit from 1 January 2000 due to euro currency conversion; and if EU approval has been received for this compensation payment. [3844/00]
Pensions paid under the scheme of early retirement from farming, along with certain other payments, were reduced by approximately 5.055% from 1 January 1999 due to euro currency conversions. Formal approval to pay compensation for this reduction to participants in the scheme was received from the European Commission on 8 December, 1999. I am happy to say that compensation issued to scheme participants currently in payment with their January cheques. Other cases which will have to be calculated individually will be paid as soon as possible after that date.
