Pension Adjustments in respect of February 2022 and October 2022 increases

ARCO has received the following communication from Pensions Section of the Department of Defence:

Message about when the benefit of the recently approved Building Momentum* increases will be implemented for military pensions

As indicated by the Minister for Defence at the Foreign Affairs and Defence Select committee last Thursday 10 November, work is underway to implement these increases.

Due to the complex and non-standard nature of the Defence Forces pension arrangements payment of the relevant increases in such a short timeframe is a significant challenge.

However, absolutely every effort is being made to include the benefit of the 2 February 2022 increase of 3%, plus the relevant associated arrears in the December payroll, which is scheduled to be paid on the earlier date of Monday 19th December 2022.

This is the bulk of the payments that are due.

The second increase, of 1% (or €500, whichever is greater) due from 1 October 2022 will be paid as soon as possible in the first quarter of 2023.

We will provide a more detailed update at our quarterly meeting next week.

Pensions Section

Department of Defence

15 November 2022

*Building Momentum will see a 3% increase in pay for public sector workers, backdated to 2 February 2022, a 2% increase from 1 March 2023 and a further 1.5% (or €750 whichever is greater) from 1 October 2023. This is in addition to 1% (or €500 whichever is greater) due on 1 October 2022 agreed under the original Building Momentum agreement. The current pensions increase policy, of maintaining parity between the pay of serving staff and pensions, has been extended for the duration of this pay agreement.

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