Ciarán Cuffe
Question:15 Mr. Cuffe asked the Minister for Finance the anticipated cost savings to the State through his proposals on public sector pensions; and if he will make a statement on the matter. [30071/03]
Written Answers. - Pension Provisions.
In 2003, public service pensions are estimated to cost some €1,500 million or, 1.4% of GNP. By mid-century, this is projected to grow to some 2.5% of GNP. The package of public service pension reforms outlined in my Budget Statement to the House on 3 December 2003 is estimated to generate annual savings of €300 million, in current terms, in about 30-40 years time with some savings being realised earlier than this.