POLITICS: Deputy Pat the Cope Gallagher T.D. in a question to Minister for Social Protection Leo Varadkar T.D. has sought a guarantee that social assistance payments to persons who are in receipt of a UK pension will be assessed favourably in light of the declining value of Sterling.
The Minister in his reply stated “his department is keeping the currency situation under review at present” and the department will review this matter on a quarterly basis.
Pat the Cope told Donegal Daily,” It is important for those who receive a UK pension that their payments are protected and that they are not at a financial disadvantage due to the recent fall in Sterling rates which has seen their pensions fall by 10 to 12% in the past 2 months.
“The fallout of the UK decision to exit its membership of the European Union has caused a great deal of volatility in the financial markets with its knock-on consequences for currency exchange rates. The Department of Social Protection must now ensure that this matter is dealt with in a sensible and commonsense like manner as many of the people who are in receipt of a UK pension depend solely on the Irish top up payment from the Department of Social Protection, as the UK pension rate is lower than its Irish equivalent.”
The true value of the UK pension has further declined with the changes in the Sterling – Euro exchange rate at present.
Gallagher concluded by saying, “This matter must be kept under review and if necessary dealt with as part of the budget 2017 process, as many thousands of people are currently affected and many others will be directly affected by the falling Sterling value in the months ahead.
“It is essential that the Department and the Government be proactive in avoiding any possible hardship and financial difficulty cases as a result of currency exchange rates and the income levels are protected.
Tags: