Pensioners protest over cuts in payments to them
A group of 15 pensioners of the state commercial company, which recorded a €2 million profit last year, urged the company’s board to engage with them on the issue.
The Finance Act, which was signed in to law in June 2011, introduced the Government Pension Fund Levy — an annual stamp duty levy of 0.6% on the market value of assets held in pension funds in Ireland from 2011 to 2014.
It is expected to cost the port €1m over four years.
A spokesperson for the Port of Cork said the company was unable to absorb the levy and has had to pass the cost on to members of its pension schemes, who have an average age of 74.
A spokesman for the pensioners claimed the company is the only state commercial company totarget its pensioners.
“Those of us who are protesting here today are challenging that decision and believe that the fund is only a support to the payment of pensions and the obligation to pay us our pensions remains the responsibility of the Port of Cork Company, irrespective of the value or otherwise of the pension fund,” he said.
“The Port of Cork Company is a very successful and profitable company, returning a profit of more than €2m in 2010, making it more than capable of absorbing the levy.
“During our time as employees in the Port of Cork, we have, by our efforts and commitment to embrace innovation and change, contributed to that success.”
But the Port spokesperson said: “In the current economic climate, like most organisations, the Port of Cork Company is unable to bear the additional cost of the recent Government Pension Fund Levy.
“Therefore the cost of this levy has been passed on to existing and future pensioners by way of a small permanent reduction in pensions.
“The average permanent reduction is 46 cent forevery €100 of pension per week before tax.”
She said the company had explained its position to the pensioners and “remains open to offer further clarification should pensioners require it”.
The pensioner spokesman said their protest would continue until the board engaged with them in a “meaningful way”.
