Dáil Éireann Debate, Wednesday - 26 January 2005
561 Mr. Naughten asked the Minister for Social and Family Affairs the exchange rate for assessing the value of UK pensions for each of the past five years; the calculation procedure used; the plans he has to review this situation; and if he will make a statement on the matter. [2113/05]
View answerThere are presently almost 11,000 people receiving a British retirement pension who also receive an Irish non-contributory old age pension or widowed person's pension. The rate paid in respect of non-contributory pension to recipients of British pensions is adjusted periodically to take account of changes in the rate of their British pension. For non-EMU European states, including the United Kingdom, the Department uses the conversion mechanism provided for under Article 107 of Council Regulation (EEC) No. 574/72 on social security for migrant workers. Under this mechanism, the conversion rate used for pension purposes is derived from the average of the daily exchange rates in the first month of a quarter. This rate is then used in all conversions during the course of the succeeding quarter. Alternatively, the conversion rate applicable to the next succeeding quarter is used if it is more beneficial to the pensioner.
The weekly value of the rate of British pension expressed in euro is then included in a revised assessment of means. Where this affects the rate of pension entitlement, a revised decision on entitlement is given by a deciding officer and the pensioner is informed of his or her right to appeal to the Social Welfare Appeals Office. Details of the exchange rate used for assessing the value of UK pensions for the past five years are set out in the following table.
|
Year 2000 |
|
|---|---|
|
Quarter 1 |
€1.54829=1 pound sterling |
|
Quarter 2 |
€1.62180=1 pound sterling |
|
Quarter 3 |
€1.67219=1 pound sterling |
|
Quarter 4 |
€1.60503=1 pound sterling |
|
Quarter 1 |
€1.69685=1 pound sterling |
|
Quarter 2 |
€1.57530=1 pound sterling |
|
Quarter 3 |
€1.60853=1 pound sterling |
|
Quarter 4 |
€1.64301=1 pound sterling |
|
Quarter 1 |
€1.60273=1 pound sterling |
|
Quarter 2 |
€1.62180=1 pound sterling |
|
Quarter 3 |
€1.62848=1 pound sterling |
|
Quarter 4 |
€1.56568=1 pound sterling |
|
Quarter 1 |
€1.58744=1 pound sterling |
|
Quarter 2 |
€1.52182=1 pound sterling |
|
Quarter 3 |
€1.45134=1 pound sterling |
|
Quarter 4 |
€1.42766=1 pound sterling |
|
Quarter 1 |
€1.43342=1 pound sterling |
|
Quarter 2 |
€1.44476=1 pound sterling |
|
Quarter 3 |
€1.50300=1 pound sterling |
|
Quarter 4 |
€1.50203=1 pound sterling |
|
Quarter 1 (January 2005) |
€1.44621=1 pound sterling |
