But runaway price rises are proving to be a boon to both current and retired public servants, who joined the public service after January 2013. This is because their public service “pension pots” are guaranteed to increase in value in line with inflation, without limit. Public sector pensions are recognised as one of the best in the country. A spokesperson for the Department of Public Expenditure and Reform said the Single Public Pension Scheme (the Single Scheme) was introduced in 2012. It represents the most significant reform to public service pensions since the foundation of the State and will be instrumental in ensuring the sustainability of the public service pension bill into the future.

Source: Irish Independent April 18, 2022 03:09 UTC