Public Service Pension Cuts in Budget 2011
An overall cut of 4% in public service pensions will be applied to all existing beneficiaries
The first €12,000 of public service pension will not be affected . Annual public service pensions above this level will be reduced in accordance with the following rates and bands:
First 12,000 0%
Between 12,001 and 24,000 6%
Between 24,001 and 60,000 9%
Balance above 60,001 12%
Examples of reductions :
Someone on a pension of 12000 or less will have no cut.
A public service pension of €15,000 will be cut by € 80 or 1.2%.
Someone in receipt of €25,000 will now be on €810 less – which is a cut of 3.2%.
A €30,000 pension will take a 4.2% cut down to €28740
Someone on a pension of €80,000 will drop down by 6,360 to €73,640 ( 8.0%)