Dáil Éireann Debate, Tuesday - 14 February 2017
321. Deputy Niall Collins asked the Minister for Public Expenditure and Reform when he will update the Civil Service pension scheme for new entrants (details supplied); and if he will make a statement on the matter. [7257/17]
Amharc ar fhreagraThere is no specific provision in the Public Service Pensions (Single Scheme and Other Provisions) Act 2012 which established the Single Pension Scheme, to provide for the purchase or transfer of additional pension benefits by Single Scheme members. Notwithstanding this, a commitment has been given that a purchase and transfer facility would be provided by way of Regulations under the Single Scheme Act.
Appropriate Regulations are being drafted and these will set out the rules of the new scheme. Consistent with the structure of the Single Scheme, it is intended that the Regulations will allow Single Scheme members to purchase additional pension and lump sum referable amounts to augment pension benefits accrued under the Scheme. The Regulations are also expected to provide for the transfer of pension entitlements accrued in certain other Revenue approved pension schemes to the Single Scheme. The pricing of purchased benefits will be based on the actuarially calculated cost of paying out those benefits at retirement and will operate on a cost neutral basis to the Exchequer. The draft scheme is currently subject to detailed legal and other considerations and the intention is to bring forward Regulations on the new scheme as soon as these considerations are complete.
