The Public Service Pensions (Single Scheme and Other Provisions) Act 2012 represents the delivery of key structural reform commitments agreed under the Troika programme of financial support for Ireland.
Among other things, it provided for the creation of the Single Public Service Pension Scheme, the extension of abatement across all the public service, the extension of the 40 years' (or equivalent) pensionable service cap across all public service pension schemes and the aggregation of public service pensions for the purposes of applying the Public Service Pension Reduction (PSPR).
The Single Scheme represents the largest ever reform to public pensions and remains critical to addressing the long-term sustainability of public service pensions in the face of significant demographic challenges over the coming decades. The Scheme will be instrumental in stemming the future growth in public service pensions expenditure by driving estimated savings of up to 35% over the long-term.
In this regard, the main provisions of Act relating to the Single Scheme are of key importance to the long-term stability and sustainability of the public finances and, as such, I have no plans to revisit them. However, its operations are of course subject to my Department's ongoing monitoring.