Update: Pension Adjustments in respect of October 2022 and March 2023 increases

Members will be aware from previous postings that the extended Building Momentum Agreement was sanctioned in the latter part of 2022 and included the following increases to serving personnel and to relevant qualifying pensioners in pre-existing pension schemes:

  • 2 February 2022 increase of 3%. (This, plus the relevant associated arrears was paid in the December 2022 pension payment.)
  • 1 October 2022 – increase of 1%, or €500, whichever is greater, and
  • 1 March 2023 – increase of 2%.

Note: These increases apply only to pre-2013 pension schemes. Pensions awarded under the Single Public Service Pension Scheme are increased in line with Consumer Price Index (CPI) increases. They do not get the benefit of these pay increases but have been in receipt of an 8.2% CPI increase effective from 1 January 2023.

ARCO has been in contact with Pensions Section of the Department of Defence in relation to the implementation of the final two increases to Defence Forces Pensions. We have been informed the increases effective from 1 October 2022 and 1 March 2023, along with associated arrears, will be paid in the May pension payroll. Payment is due to be made to the relevant bank accounts on Tuesday 30th May.

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