The North/South Pension Scheme is the default pension scheme for employees in five of the six cross-border Implementation Bodies, and also in Tourism Ireland. The Scheme's standard pension rules, known as the "Core Terms", have applied equally to covered members working in the bodies from both jurisdictions since soon after the bodies were established under 1999 legislation.
The North/South Pension Scheme when introduced was modelled on the Northern Ireland Principal Civil Service Pension Scheme (PCSPS). The Irish Government and the Northern Ireland Executive are both making changes to Public Service pension schemes in order to control pension costs, including those changes noted in the recent Haddington Road Agreement. Given the importance of maintaining a common pension scheme for these bodies on both sides of the border, I considered it appropriate that the changes being made in Northern Ireland should be reflected in the Core terms.
This matter is the subject of ongoing negotiations with the relevant public service unions. I do not propose to comment further while those discussions are ongoing.