EUROPE - Public servants in Ireland will be eligible to retire from the age of 50 or 55 with actuarially reduced superannuation benefits under new reforms to public service pensions announced by the minister of finance.
Existing staff will benefit immediately from the changes.
The move forms a further step in reform of public service pensions recommended by the Commission on Public Service Pensions.
Earlier this year the first stage of reforms was implemented when the minimum pension age was increased to 65 and compulsory retirement for most new entrants to public service was abolished.
Announcing the changes, Irish minister of finance Charlie McCreevy (pictured) described them as “a significant element in the modernisation and reform of the public service.”
He added: “These further pension reforms continue the process of modernising and improving the public service pension system for both existing and future public servants.”
Other elements of the reform include a new formula to integrate social insurance and public service pension to boost pensions for lower paid public servants, and pro rata integration for part time public service workers.
Additional changes recommended by the Commission are still under consideration by the government.
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