Circular 16/2021 relating to the Code of Practice for the Governance of State Bodies - Amendments to the Annex on Remuneration and Superannuation - came into effect on 30th July 2021. It applies to all Commercial Semi-State Bodies and requires prior approval by the Minister for Public Expenditure and Reform with regard to severance scheme proposals, amendments to pension schemes required under legislation or scheme rules, and any changes to pension scheme benefits, such as pension increases where Ministerial or Departmental consent is required.
My Department in conjunction with the Department of Public Expenditure, NDP Delivery and Reform work to ensure that all pension increase requests are processed in a timely manner to ensure that there are minimal delays to the members of such pension schemes.
Myself and my colleague, the Minister for Public Expenditure NDP Delivery and Reform, have consented to the 4% increase effective from 1 January 2024, which will now be applied by the ESB Pension Scheme Trustees.
