Lest we forget, public sector pensions were also hit

I refer to the recent, article relating to Taxi Driver’s Rights written by Paul Mills concerning defined pension schemes enjoyed by particular sections of society and I quote “most of the defined pension schemes have collapsed and with it any chance we might have of getting the pension we worked so hard for.

So how come those boys and girls at the top of Government, the public sector and the banks seem to be able to continue to expect that their defined benefit pension, or however they term it, will be paid”.

Has Mr Mills ever heard of the Financial Emergency Measures in the Public Interest Act 2010? This Act applies to very specific sections of our citizens and excludes others. The selected citizens are those who are employed by, or who hold an office or other position in a public service body. The Act does not apply to semi-state bodies or the private sector. Under this Act the public service pensions are reduced by 6% over €12,000, 9% over €24,000 and 12% over €60,000 and have effect, notwithstanding any other provision such as written agreement, contractual arrangement or any understanding of expectation. In addition, another 2.75% levy has also been applied. Mr Mills goes on to say that persons who were offered a defined pension expected that it would be honoured and suggests it should be a property right.