The extended Building Momentum Agreement includes increases to serving personnel and to pensioners in pre-2013 pension schemes. The principle of parity between pay and pensions is therefore being maintained under the agreement until the end of 2023. Pensions awarded under the Single Public Service Pension Scheme, introduced in 2013, are increased in line with Consumer Price Index (CPI) increases.
The following increases have already been reflected in pre-2013 pension schemes:
2nd February 2022 – increase of 3%.
1st October 2022 – increase of 1%, or €500, whichever is greater. (Agreed under the original Building Momentum agreement.)
1st March 2023 – increase of 2%.
In addition to these pension increases, the agreement also provides for a further 1.5% (or €750 whichever is greater) from 1st October 2023.
Pensions Financial Administration, Finance Branch, Dept. of Defence, Renmore states that implementation of the October increases for relevant military pensions has commenced and is being progressed, with the intention to implement the benefit of these increases for the vast majority of military pensioners in the pension payroll dated 30th November 2023.
As the extension to the Building Momentum Agreement is to the end of 2023, it is expected that parties will engage on the potential for a successor Agreement before the end of this year.
You can download the Building Momentum Agreement 2021-2022 (including the extension to 2023) here: www.gov.ie/en/publication/e9d23-building-momentum-a-new-public-service-agreement-2021-2022/
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