asked the Minister for Social Welfare if his attention has been drawn to the fact that Irish citizens who had lived in America on 1 January three years ago had a reduction of 15 per cent in their pensions; if his attention has been further drawn to the number of persons affected; and his policy in the matter.
Written Answers. - Reduction in Pensions.
54.
The value in Irish terms of US pensions fluctuates in accordance with changes in the rates of exchange as between the dollar and the punt. The value of the dollar increased each year from 1980 to 1985 but since then has decreased sharply. This reduced the value of US pensions in Irish terms and eroded the benefits previously gained by recipients of US pensions living in Ireland.
There are no statistics available as to the number of pensioners affected by the change in currency values and there are no arrangements where by those concerned can be compensated. However, persons over 66 in this situation could, depending on their means, qualify for a non-contributory old age pension which would take account of the value of their US pension in Irish terms.