The extended Building Momentum Agreement includes increases to serving personnel and to pensioners in pre-2013 pension schemes. The principle of parity between pay and pensions is therefore being maintained under the agreement to the end of 2023. Pensions awarded under the Single Public Service Pension Scheme, introduced in 2013, are increased in line with Consumer Price Index (CPI) increases.
The following increases have already been reflected in pre-2013 pension schemes:
- 2nd February 2022 – increase of 3%.
- 1st October 2022 – increase of 1%, or €500, whichever is greater. (Agreed under the original Building Momentum agreement.)
- 1st March 2023 – increase of 2%.
In addition to these pension increases, the agreement also provides for a further 1.5% (or €750 whichever is greater) from 1st October 2023.
ARCO has made enquiries in relation to the payment of this increase. Pensions Financial Administration state that preparation work for the implementation of the benefit of the October increases for relevant military pensions has commenced and is being progressed. At the moment, assuming there are no unforeseen complications and things go according to plan, the intention is to implement the benefit of these increases for the vast majority of military pensioners in the pension payroll dated 30th November 2023.
The payment of the December Military Pensions will be made on Tuesday, 19th December 2023.