The rate of pension payable under the 1994 early retirement scheme is the maximum provided for in the EU Council regulation under which the scheme was introduced. The regulation does not provide for indexation of payments.
The rate of pension payable under the scheme that commenced on 27 November 2000 is set down in the CAP Rural Development Plan 2000-2006. In its proposals for the new scheme, my Department had sought provision for annual increases in the rate of pension. The European Commission rejected this specific proposal but set a fixed rate corresponding to the mid point index between 2000 and 2006.