Vol. 499 No. 3
175 Mr. Kirk asked the Minister for Agriculture and Food if the introduction of the euro will have any implications for the early retirement of farming pensioners; if so, the steps, if any, he will take to ensure that there is no loss of income on the part of the pensioners; and if he will make a statement on the matter. [2556/99]
The rate of pension paid to participants in the early retirement scheme was designated in ECUs up to the end of December 1998 and since that date in euros. The amount of pension payable in euros is converted to punts at the rate which was set at 1 January 1999 and this is 5.055 per cent lower than the rate at which ECUs were converted to punts for the pension scheme. As a result, pensions under the scheme have been reduced by 5.055 per cent from 1 January 1999.
Full compensation will be payable in 1999 for the reduction in 1999 pensions to participants who joined the scheme prior to 1998. My Department is in consultation with the EU Commission for clarification on the issue of compensation for participants who joined during 1998. Approval of the EU Commission is necessary before compensation will be paid.
