Dan Neville
Ceist:214 Mr. Neville asked the Minister for Agriculture, Food and Rural Development when the increase in farm retirement pensions introduced on 1 January 1999 will be implemented; and when arrears will be paid. [12589/00]
Written Answers. - Farm Retirement Scheme.
There was no increase in the rate of pension under the scheme of early retirement from farming in January 1999. The rate was reduced by some 5.05% arising from the revaluation of the pound on the introduction of the euro. The Council of Ministers approved the payment of compensation over three years to participants in the schemes affected by reductions arising from the introduction of the euro. Full compensation was approved for losses arising in 1999. A lump sum payment in respect of this compensation has now been paid to all those participants in the early retirement scheme who qualified – the last of these payments issued in March. The Council approved compensation at a reduced rate in respect of losses in 2000 and 2001, but arrangements for payment have yet to be confirmed by the European Commission.