The estimated public service pension cost for 2011 is €2.75 billion. The reduction in public service numbers will lead to overall payroll savings rather than losses or further expenses. As the pension-related deduction (PRD) is a measure designed to reduce expenditure, it would not be correct to categorise the fact that the PRD will not apply to salaries no longer being paid as a loss.
18,636 persons were paid from Vote 12 last year, including spouses and children as well as occupational pensioners; the estimate for 2012 is 19,448.
Four people retired from the Department of Public Expenditure and Reform in 2011. Some €510,277 was paid to these staff in lump sums and the annual pension cost for these staff will be circa €160,000. The pension related deduction paid by these staff would have amounted to approximately €23,600 per annum while the pension contributions paid by them would have amounted to approximately €3,600 per annum.
Fourteen people are due to retire from the Department of Public Expenditure and Reform before end February 2012, at an estimated lump sum cost of €1.2 million,and an estimated annual pension cost of €400,000.The pension related deduction in relation to these staff is approximately €92,600 per annum and their pension contributions amount to approximately €17,000 per annum.
