Source: http://www.idfva.org/pension-information.html
Timestamp: 2019-03-24 04:51:30
Document Index: 777442445

Matched Legal Cases: ['art 1', 'art 2', 'art 2', 'art 2', 'art 3', 'art 4']

Veteran of the Year Award 2019
Thinking of taking up employment in the Civil Service here is some helpful information
latest Up Date 2017
circular-19-of-2012-commencement-of-single-scheme-2.pdf
​P18/079/10 31 December 2012
s-i-no-581-of-2012-relevant-authorities__1_.pdf_list_of_public_servants.pdf
​PUBLIC SERVICE PENSIONS (SINGLE SCHEME AND OTHER
PROVISIONS) ACT 2012 (RELEVANT AUTHORITIES) REGULATIONS
Public Service Pensions (single scheme) and Remuneration Bill 2011
The Bill is in 4 Parts:
Part 1 – Preliminary and General.
Part 2 – Public Service Pensions (with 5 chapters)
(i) Preliminary and General (Part 2)
(ii) Single Scheme
(iii) Pre-existing public service Pension Schemes
(iv) Provisions applicable to all public service Pension Schemes
(v) Consequential Amendments (Part 2)
Part 3 – Remuneration of Judges and Other Office Holders
Part 4 – Amendment of Acts relating to Financial Emergency Measures in the Public Interest
The range of reforms recommended include:
raising the minimum public service pension age;
increasing the rate of pension contributions;
modifying the earnings-linking of pensions;
adjustment or abolition of fast accrual terms; and
moving to the calculation of pensions on the basis of “career average” earnings.
Chapter 2 sets out the provisions concerning pension contributions For most Scheme members these will be integrated with the Social Insurance System, i.e. 3% of pensionable remuneration and 3.5% of net pensionable remuneration.
The Chapter also provides that all contributions charged under the new Scheme shall be paid directly to the Exchequer.
Calculation of benefits and circumstances for payments under the Scheme
Chapter 2 sets out the terms and conditions which will apply under the “career average” system in the new Scheme. It stipulates that members of the Scheme will earn money amounts which accrue to their pension and lump sum benefits annually.
The earned “referable amount” is calculated as a fixed percentage of actual pensionable earnings. In this way the accumulation of future pension benefits will reflect a person’s evolving actual pay over the course of a career, while at the same time ensuring that the real value of those pensionable earnings are protected through indexation to the CPI.
Chapter 3 – Pre existing public service Pension Schemes
Chapter 3 includes an “enabling” provision to allow the Minister to make an order to apply a CPI-link to existing public service pensions.