Pension cuts applied from 1st July 2013

Pensions (including pensions of surviving spouses) under €32,500 are not affected.

Pensions over this amount have had the “cuts” implemented by increasing the previous PSPR (Public Service Pension Reduction) by the following amounts:

• First €12,000                                                          0%
• Between €12,000 and €24,000                               2%
• Between €24,000 and €60,000                               3%
• Above €60,000                                                        5%

No pensions will be reduced to an amount below €32,500.

Examples: 

• Gross Pension €32,500  –  no change.
• Gross Pension €35,000 – Total gross reduction €570  (€240 + €330).
• Gross Pension €40,000 – Total gross reduction €720  (€240 + €480).
• Gross Pension €45,000 – Total gross reduction €870  (€240 + €630).
• Gross Pension €50,000 – Total gross reduction €1020  (€240 + €780).
• Gross Pension €55,000 – Total gross reduction €1170  (€240 + €930).

Pension cuts already applied from 1st January 2011

These cuts were applied to pensions of persons who retired on or before 29th February 2012.  Pensions over €12,000 were reduced by the following amounts:

• First    €12,000                                                   0%
• Between €12,000 and €24,000                           6%
• Between €24,000 and €60,000                           9%
• Above €60,000                                                  12%

Examples:

• Gross Pension €12,000  –  no change.
• Gross Pension €24,000 – Total gross reduction €720
• Gross Pension €32,500 – Total gross reduction €1465 (€720 + €765)
• Gross Pension €35,000 – Total gross reduction €1710 (€720 + €990).
• Gross Pension €40,000 – Total gross reduction €2160  (€720 + €1440).
• Gross Pension €45,000 – Total gross reduction €2610  (€720 + €1890).
• Gross Pension €50,000 – Total gross reduction €3060  (€720 + €2340).
• Gross Pension €55,000 – Total gross reduction €3510  (€720 + €2790).