May 08
Green Paper Submission
In response to your invitation to make a submission on the Green paper on Pensions, I would like to make the following submissions in line with the remarks made at its launch by the then Taoiseach Bertie Ahern when he said, and I quote from the reported remarks on this issue: “Now that we are living fuller longer and more productive lives we need to shift our thinking. Let us look at how we can create advantage from demographic trends to enhance the quality of life of individuals. The pension issue is a challenge which will be facing us for decades and will require a fair and flexible approach.”
Page twenty six of the publication entitled retirement and old age contributory pension SW 18, illustrates the formula used by the department in arriving at the benefit deemed appropriate, whilst page twelve of booklet SW19 entitled Social Welfare rates of payment 07 illustrates the amount of pension payable.
For an individual with 260 full rate contributions and eight hundred modified ones, the formula used divides the total one thousand and sixty by forty eight to determine the yearly average, giving a pension of two hundred and five euro and twenty cent if all stamps were full rate, but because some are modified they multiply €205.20 * 260 and divide by the total number of stamps, giving a pension of €50.33
As can be seen from the foregoing, the more contributions one has to their credit the less they obtain in monetary terms.
Surely to all fair minded and right thinking people this situation is most unfair and I would respectfully request that whatever changes are necessary, whether they be policy or legislative, be put in place, in accord with the remarks already referred to.