Vol. 491 No. 4
62 Mr. Ring asked the Minister for Agriculture and Food the plans, if any, he has to increase the rate of payment or index-link the rate of payment on the early retirement scheme in view of the fact that it has not been increased since it was set up in January 1994. [12430/98]
Under the scheme of early retirement from farming the pension payable is comprised of two elements: a basic 4,000 ECUs, and a supplementary payment of 250 ECUs for each hectare released up to a maximum of 24 hectares. Accordingly, the maximum annual pension payable under the scheme for a farm of 24 hectares or greater is 10,000 ECUs.
The rate for converting ECUs into Irish currency is the agricultural conversion rate in operation on 1 January each year. In 1994 when the scheme was introduced the maximum pension in Irish currency was £9,764.26 per annum. The current conversion rate applicable since 1 January 1996 results in a maximum pension of £10, 016 26 per annum.
Under the EU regulation governing the scheme there is no provision for an increase in the rate of payment or to index link the early retirement from farming pension.
