Dáil Éireann Debate, Tuesday - 27 September 2016
514. Deputy Richard Boyd Barrett asked the Minister for Public Expenditure and Reform to set out the cost of the full restoration of pensions to public servant pensioners via the immediate repeal of all financial emergency measures in the public interest measures. [27498/16]
Amharc ar fhreagraThe Financial Emergency Measures in the Public Interest (FEMPI) Act 2015 provides for a significant phased amelioration of the cuts to public service pensions imposed by the Public Service Pension Reduction (PSPR).
This pension restoration under FEMPI 2015 is now underway, with pension adjustments scheduled in three phases, on 1 January 2016, 1 January 2017 and 1 January 2018. These adjustments will cost an estimated €90 million on an annual basis when fully implemented from 2018.
The cost of going beyond this phased restoration under FEMPI 2015 of the pension cuts and removing PSPR entirely is estimated at approximately €45 million on an annual basis.
