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HSE high-value fund thresholds reduced

01 Aug 2014


Barry O’Brien

The HSE has implemented a further reduction in the value of the Standard Fund Threshold (SFT) for employees and managers with high-value pension entitlements from €2.3 million to €2 million in line with the entire civil service, with effect from January 1, 2014.

The Department of Public Expenditure and Reform issued a document last month outlining the implications arising from changes introduced to the SFT by the Minister for Finance in the Finance (No 2) Act 2013 for public servants and pension managers and administrators.

Acting National Director of Human Resources Frank O’Leary said other main changes included a variation in the valuation factor for establishing the capital value of Defined Benefit (DB) pension benefits accruing after January 1, from a factor of 20 to a range of age-related valuation factors, and the extension and amendment of reimbursement options for public servants affected by chargeable excess tax.

lloyd.mudiwa@imt.ie

Date: 
1 August 2014

Click here to view the full article which appeared in Irish Medical Times