Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda

Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association

Prepared by OBI Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 2

Contents

Executive Summary The austerity measures introduced by successive Governments in recent years have had particular impact on pensioners as they have entered a stage of life where they no longer have other means of income generation in the main. This report looks in particular at the impact of these measures on members of the Garda Síochána Retired Members Association. The Garda Síochána Retired Members Association covers all retired members of the force and therefore has members ranging from retired gardaí to retired commissioner level. The pension reductions and additional taxes introduced over recent years will obviously impact the members differently given the varied pension scales based on rank at retirement but this must be viewed in the context of attained standards of living gained through promotion up the ranks of An Garda Síochána during the years of service with the organsiation. Therefore, it would be unreasonable to focus solely on the impact of the cutbacks and additional taxes on lower grade pensions as the expectations of retirees who held more senior positions in the force have also been significantly eroded. Over the course of the past six years, successive Budgets, financial emergency measures and national pay agreements have resulted in members experiencing public service pension reductions, additional taxes and reductions in standards of living. The calculations reported herein have been made on the basis of members who retired with full long service increments at their respective grades at retirement taking account of pensionable allowances at that grade on an average basis as allowances would have varied by reference to the duties and roles performed by each member at their grade.

The report will look at the following items:

Public Service Pension Reduction , Univeral Social Charge (USC), Tax credits & Tax Bands: Each member of the Garda Síochána Retired Members Association have taken a reduction in their pension either directly through a Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 3 cut to their pension or indirectly through a cut to their salary with a knock on reduced pension if they retired in more recent years. In addition the Universal Social Charge (USC) was introduced in 2011 which is collected through the taxation system and the rates vary from 2% to 7%. Also in 2011 the tax credits and tax bands were reduced and there has been no reversal in recent budgets. This has resulted in higher tax liabilities.

The reduction in Public Service Pensions coupled with the introduction of the USC and the reduction in tax credits and tax bands has resulted in a significant reduction to each member’s net income. The percentage of the reduction varies between 9.5% and 14.7% as detailed over:

Member % Reduction Suffered

Garda 9.5% Sergeant 11.3% Inspector 11.4% Superintendent 11.9% Chief Superintendent 12.5% Assistant Commissioner 12.7% Deputy Comissioner 13.1% Commissioner 14.7%

*Note: The percentage rate of reduction suffered by members in the Garda to Inspector rank who retired pre 1993 along with members who retired at Superintendent and Chief Superintendent rank prior to 1998 is slightly lower.

Local Property Tax: In 2013 a property tax that starts at €90 per year and can range up to €1,755 per year on each residential property held was introduced. The tax is determined by the self-assessed market value of the property.

Mortgage Interest Relief: Where an individual started paying their mortgage in 2003 or earlier, their entitlement to mortgage interest relief expired in 2009. This would be relevant for possibly all members of the Garda Síochána Retired Members Association. Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 4

Health Expenses: Reduction in relief for medical expenses from marginal rate of tax to the standard rate of tax (presently 20%). Medical Insurance Premiums: Tax Relief at Source on medical insurance premiums is now restricted to the first €1,000 per adult policy holder and the first €500 per child.

Medical Cards: Abolition of automatic medical cards for persons aged 70 years or over.

Increase in VAT rate: In 2012 there was an increase in the standard rate of VAT from 21% to 23%.

Background The Garda Síochána Retired Members Accociation (GSRMA) was formed in 1961 and covers all retired members of the force from those who retired at garda level right up to the rank of commissioner. Its principle objects are to imrpove the welfare, social and economic status of retired members of An Garda Síochána. The association had achieved much success in this regard over the years since its foundation but the public service pension reductions coupled with the introduction of additional taxation measures in recent years has eroded much of this work.

It is acknowledged at the outset that much of these changes were forced upon Government as a result of the global recession and the challenging economic times which exist in Ireland. Notwithstanding this, the members of GSRMA have seen very siginifcant impacts on their net disposable incomes arising from these measures having reached a time in their lives in most instances where they are not in a position to generate alternative replacement income. Public Service Pension Reduction (PSPR) The Financial Emergency Measures in the Public Interest Act 2010 introduced a reduction in public service pensions with effect from 1 January 2011. Public service pensions above €12,000 a year would be reduced by an average of 4%. Those in receipt of a pension below €12,000 a year were exempted.

The table below shows the reduction that applies to public service pensions for persons who retired up to 29 February 2012 and whom are in receipt of pensions of greater than €32,500:

Annualised amount of Public Service Pension Reduction

Up to €12,000 Exempt Any amount over €12,000 but not over €24,000 8 per cent Any amount over €24,000 but not over €60,000 12 per cent Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 5

Any amount over €60,000 but not over €100,000 17 per cent Any amount over €100,000 28 per cent The table below shows the reduction that applies to public service pensions for persons who retired up to 29 February 2012 and are on pensions of below €32,500:

Annualised amount of Public Service Pension Reduction

Up to €12,000 Exempt Any amount over €12,000 but not over €24,000 6 per cent Any amount over €24,000 but not over €60,000 9 per cent Any amount over €60,000 but not over €100,000 12 per cent Any amount over €100,000 20 per cent This can be explained further using worked examples as follows:

Table 1:

Reduced Average PPSR Pen Pension PSPR Calculation sion First €12,000 – no reduction Garda €31,654 €12,000 x 6% = €720 € € (after 17 years) 1,408.86 30,245 €7,654 x 9% = €688.86 Sergeant First €12,000 – no reduction (after 12 years) €35,483 €12,000 x 8% = €960 €2,337.96 €33,145 €11,483 x 12% = €1,377.96 Inspector First €12,000 – no reduction (after 6 years) €38,649 €12,000 x 8% = €960 €2,717.88 €35,931 €14,649 x 12% = €1,757.88 Superintendent First €12,000 – no reduction LSI (after 3 years on max) €50,550 €12,000 x 8% = €960 €4,146.00 €46,404 €26,550 x 12% = €3,186.00 Chief Superintendent First €12,000 – no reduction LSI (after 3 years on max) €62,011 €12,000 x 8% = €960 €5,621.87 €56,389 €36,000 x 12% = €4,320 €2,011 x 17% = €341.87 Assistant Commissioner First €12,000 – no reduction €71,864 €12,000 x 8% = €960 €7,296.88 €64,567 €36,000 x 12% = €4,320 €11,864 X 17% = €2,016.88 Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 6

Deputy Commissioner First €12,000 – no reduction €83,489 €12,000 x 8% = €960 €9,273.13 €74,216 €36,000 x 12% = €4,320 €23,489 x 17% = €3,993.13 Commissioner First €12,000 – no reduction €116,250 €12,000 x 8% = €960 €16,630 €99,620 €36,000 x 12% = €4,320 €40,000 x 17% = €6,800 €16,250 x 28% = €4,550

Position for GSRMA members (Garda to Inspector rank) who retired before 1993

The pensions of GSRMA members who retired before 1993 at Garda, Sergeant or Inspector rank did not include allowances other than rent allowance and therefore are in receipt of pensions at lower amounts than stated above at Table 1:

Table 2:

Reduced Average PPSR Pen Pension PSPR Calculation sion First €12,000 – no reduction Garda €25,654 €12,000 x 6% = €720 € € (after 17 years) 868.86 24,785 €1,654 x 9% = €148.86 Sergeant First €12,000 – no reduction (after 12 years) €29,483 €12,000 x 8% = €960 €1,617.96 €27,865 €5,483 x 12% = €657.96 Inspector First €12,000 – no reduction (after 6 years) €32,649 €12,000 x 8% = €960 €1,997.88 €30,651 €8,649 x 12% = €1,037.88

Position for GSRMA members (Superintendent & Chief Superintendent rank) who retired before 1998 Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 7

The pensions of GSRMA members who retired before 1998 at Superintendent or Chief Superintendent rank did not include allowances other than rent allowance and therefore are in receipt of pensions at lower amounts than stated above at Table 1:

Table 3:

Reduced Average PPSR Pen Pension PSPR Calculation sion Superintendent First €12,000 – no reduction LSI (after 3 years on max) €42,750 €12,000 x 8% = €960 €3,210.00 €39,540 €18,750 x 12% = €2,250 Chief Superintendent First €12,000 – no reduction LSI (after 3 years on max) €54,211 €12,000 x 8% = €960 €4,585.32 €49,626 €30,211 x 12% = €3,625.32

Universal Social Charge (USC) The Universal Social Charge (USC) was introduced 1 January 2011. The charge was brought in to replace the Health Levy and the Income Levy. The latter had been introduced with effect from 1 January 2009 as an additional levy payable on gross income, including notional pay, before any relief for pension contributions.

USC is a tax also payable on gross income, including notional pay, before any relief for pension contributions. It is a particularly penal charge as the top rate of 7% is reached on income above €16,016, albeit a top rate of 4% applies to persons aged 70 years or over provided their total annual income is €60,000 or less. Notwithstanding this, the USC adds a significant additional tax liability for retired persons who would have previously paid the health levy at 2% up to aged 70 years but were exempt from the health levy after aged 70.

Detailed below is a table showing the current standard rates and thresholds of USC.

Standard USC Thresholds 2014

Income Rate

Income up to €10,036.00 2% Income from €10,036.01 to €16,016.00 4%

Income above €16,016.00 7% Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 8

There are reduced rates of USC for individuals aged 70 years or over whose aggregate income for the year is €60,000 or less and individuals aged under 70 who hold a full medical card whose aggregate income for the year is €60,000 or less.

Reduced USC Thresholds 2014 Income Rate Income up to €10,036.00 2% Income above €10,036.00 4%

Therefore, a member with a pension of €31,654 pre PSPR (Garda) would pay additional charges (USC) of €1,534.58.

First €10,036 @ 2%: €200.72

Next €5,980 @ 4%: €239.20

Balance of €15,638 @ 7%: €1,094.66

Total Annual USC: €1,534.58

Reduction in Tax Credits & Tax Bands Budget 2011 reduced the tax credits and tax bands for both married and single individuals. The effect of this was that an individual paid more tax in 2011 in comparison to previous years. The tax credits and tax band figures have not changed since 2011 and remain the same in 2014.

Detailed below are tables showing the tax credit and the tax bands for 2010 and 2011 – 2014:

Tax Credits

Tax Credit 2010 2011 – 2014

Single Person €1,830 €1,650

Married Person €3,660 €3,300

PAYE Credit €1,830 €1,650

Age Credit: Single €325 €245

€650 €490 Married Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 9

Tax Bands

Personal Circumstances 2010 2011 – 2014

Single €36,400 @ 20% €32,800 @ 20% Balance @ 41% Balance @ 41%

Married Couple one spouse with €45,400 @ 20% €41,800 @ 20% Income Balance @ 41% Balance @ 41%

Married Couple both spouses €45,500 @ 20% €41,800 @ 20% with Income with increase of €27,400 max. with increase of €23,800 max. Balance @ 41% Balance @ 41%

Calculated below is the would be effect of the reduction in tax credits and tax bands on a single individual with a pension of €38,649 (Inspector) ignoring the PSPR:

2010 2011 - 2014

€36,400 @ 20% : €7,200 €32,800 @ 20%: €6,560

Balance of €2,249 @ 41%: € 922 Balance of €5,849 @ 41%: € 2,398

Total Tax: €8,122 Total Tax: €8,958 Less Tax Credits: Less Tax Credits: Single Credit €1,830 Single Credit €1,650 PAYE Credit €1,830 PAYE Credit €1,650 Age Credit € 325 Age Credit € 245

Total Tax Credits: €3,985 Total Tax Credits: €3,545

Total Tax Due: €4,137 Total Tax Due: €5,413 Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 10

Based on the example above, the individual has additional tax to pay in the amount of €1,276 per year. These figures can change considerably depending on the level of pension. Local Property Tax (LPT) An annual self-assessed Local Property Tax (LPT) charged on the market value of all residential properties in the State came into effect on 1 July 2013. It is being administered by Revenue and a half-year charge applied in 2013. A full year charge applies in 2014.

The yearly LPT charge for 2014 can vary from €90 - €1,755 depending on the market value of the property. Properties over €1m are assessed on the actual value at 0.18% on the first €1m and .25% on the portion above €1m. Mortgage Interest Relief The Supplementary Budget 2009 altered the qualifying criteria for Mortgage Interest Relief. The number of tax years in respect of which mortgage relief may be claimed was curtailed. Relief may not be claimed on the interest paid on a qualifying home loan in the 8th and subsequent years of the life of the loan.Your entitlement to mortgage interest relief depends on the relevant start date of the loan, as follows:

 If you started paying the mortgage in 2003 or earlier, your entitlement expired in 2009.

 For a mortgage taken out between 1 January 2004 and 31 December 2012, your entitlement to relief will continue until the end of 2017.

 Mortgages taken out after 31 December 2012 do not qualify for mortgage interest relief.

While this may not apply to many GSRMA members who no longer hold mortgages, it has impacted some members who retired in their fifties having completed full service. Deposit Interest The rate of Deposit Interest Retention Tax (DIRT) applied to deposit interest earned has increased from 20% in 2008 by various amounts in the intervening years to the present rate of 41% in 2014.

DIRT is deducted at source by banks, building societies, credit unions, etc. from interest paid or credited on deposits of Irish residents. The increased DIRT rate acts as a disincentive to encouraging people to save and this could result in people being an increased burden on the State in the later years of their life. Many GSRMA members who received a lump sum payment upon retirement prudently opted to put these monies on deposit for the “rainy day”. The present rate of DIRT when applied to present day interest rates negates the value of returns on any sums invested.

In raising the rate of DIRT over the past few years, consideration should have been given to retired people who no longer have alternative means of income generation and who have prudently saved to meet, for example, future Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 11 medical or nursing home bills. In the event that they do not meet the €18,000 tax exemption for a single person or €36,000 for a married couple, they are subject to the 41% rate of DIRT. A lower rate of DIRT should apply to savings for persons aged over 65 years of age on say the first €100,000 for a single person or €200,000 for a married couple. Health & Medical Tax relief on Medical Expenses

For the tax years up to and including 2008, income tax relief was available at the marginal rate in respect of certain unreimbursed medical expenses. With effect from 1 January 2009, the relief is granted at the standard rate of tax, presently 20%, with the exception of expenditure incurred in respect of nursing home expenses. This coincides with rising costs of GP visits, drugs and health insurance which obviously have a larger impact on retired people who on average will have higher medical bills.

Medical Insurance – Rising Premiums and Reduction in Tax Relief at Source

Since 2008, the cost of medical insurance has more than doubled in Ireland and coupled with the reduction in tax relief at source on the premiums, the retention of private medical insurance is becoming prohibitive for members, ironically, at a time in their lives when members are more likely to require the benefits of the cover either through illness or for orthopaedic procedures such as hip or knee replacements.

Budget 2014 introduced a new restriction on the relievable amount of medical insurance premiums for policies which are renewed or entered into on or after 16 October 2013. Relief is now restricted to the first €1,000 per adult policy holder and the first €500 per child.

The impact of this change is best explained by an example;

Example: An individual married with two children paying €3,000 per annum to their insurer prior to 16 October 2013. This is the net figure after tax relief at source of 20%. Gross premium before tax relief is €3,750.

The revised tax relief will be as follows:

Adults

Gross premium before tax relief (€1,500 x 2): €3,000

Maximum premium on which relief available (€1,000 x 2): €2,000

Tax relief @ 20%: € 400

Adult premiums net of tax relief: €2,600

Children Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 12

Gross premiums before tax relief (€375 x 2): € 750

No restriction

Tax relief @ 20%: € 150

Child premiums net of tax relief: € 600

Summary:

Total net premiums pre 16 October 2013: €3,000

Total net premiums post 16 October 2013: €3,200

Increase in cost of premium: € 200

Medical Cards, Prescription Charges & Drugs Payment Cards

The Government revoked the entitlement of all individuals aged 70 years and over to an automatic medical card without a means test in 2008. With effect from 1 January 2009, a means test was introduced and the income limits for this means test have been reduced further in recent years. The initial income limit was set at €700 per week for a single person and €1,400 for a married or cohabiting couple but this was reduced to €600 for an individual and €1,200 for a married couple and subsequently has now been reduced to €500 per week for a single person with effect from 1 January 2014 and €900 per week for a married or cohabiting couple.

In addition to this, the prescription charge has risen from its initial 50cents per item in 2011 to €1.50 per item in 2012 and now stands at €2.50 per item.

The threshold on the Drugs Payment Card scheme has risen from €120 in 2011 to €132 in 2012 and the threshold was further increased to €144 in 2013.

Summary

All of these measures directly impact GSRMA members, many of whom must incur this expenditure out of necessity owing to age and ill-health. These additional medical costs coupled with pension reductions and increased taxes serve to have a significant impact on standards of living.

Furthermore, the proposed introduction of a compulsory universal health insurance which certain reports estimates at €1,600 per annum will have additional implications and there is no suggestion of corresponding tax reductions to mitigate this additional cost. Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 13

Water Charges The introduction of Water Charges is set to take effect from 1 January 2015. To date, the Minister has not yet signalled an indicative cost for these charges but there does not appear to be any automatic exemptions planned for retired people. These charges when introduced will further add to the financial burden on people who have retired and whose income is predefined in most cases.

Furthermore, these charges follow on from increased charges for utilities such as electricity, gas and other fuels. Increase in VAT rate The standard rate of VAT was increased from 21% to 23% with effect from 1 January 2012. This increases cost of living for all individuals. The goods and services affected are common day to day expenditure items and include as follows:

 Transport Fuels – petrol, auto diesel, motor oil

 Vehicles – cars, lorries, tyres etc

 Drinks & Cigarettes – Alcohol, soft drinks, bottled water etc

 Consumer Goods

 Hiring/Leasing

 Certain Services – accountancy services, advertising, haulage, professional services (legal)

 Confectionery

Overall Effects of Public Service Pay Reductions & Taxation Changes The tables below show the overall net effect of the recent cutbacks to each member’s pension detailing the additional costs to a single individual aged 65 years or over, albeit a reduced maximum 4% rate of USC may apply to individuals aged 70 years and over whose total annual income is €60,000 or less. The table looks at the comparison between the tax year 2008 and the current tax year 2014.

Garda Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 14

2008 2014 Difference

Public Service Pension €31,654.00 €30,245.00 €1,409.00

PAYE €2,345.80 €2,504.00 €158.20

USC 0 €1,435.95 €1,435.95

Total €29,308.20 €26,305.05 €3,003.15

Sergeant

PAYE €3,129.03 €3,156.45 €27.42

USC 0 €1,638.95 €1,638.95

Total €32,353.97 €28,349.60 €4,004.37

Inspector

PAYE €4,427.09 €4,298.71 -€128.38

USC 0 €1,833.97 €1,833.97

Total €34,221.91 €29,798.32 €4,423.59

Superintendent

2008 2014 Difference Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 15

PAYE €9,306.50 €8,592.64 -€713.86

USC 0 €2,567.08 €2,567.08

Total €41,243.50 €35,244.28 €5,999.22

Chief Superintendent

PAYE €14,005.51 €12,686.49 -€1,319.02

USC 0 €3,421.22 €3,421.22

Total €48,005.49 €40,281.29 €7,724.20

Assistant Commissioner

PAYE €18,045.24 €16,039.47 -€2,005.77

USC 0 €3,838.49 €3,838.49

Total €53,818.76 €44,689.04 €9,129.72

Deputy Commissioner

PAYE €22,811.49 €19,995.56 -€2,815.93

USC 0 €4,513.92 €4,513.92 Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 16

Total €60,677.51 €49,706.52 €10,970.99

Commissioner

PAYE €36,243.50 €30,411.20 -€5,832.30

USC 0 €6,292.20 €6,292.20

Total €80,006.50 €62,916.60 €17,089.90

Position for GSRMA members (Garda to Inspector rank) who retired before 1993

Public Service Pension €25,654.00 €24,785.00 €869.00

PAYE €1,145.80 €1,412.00 €266.20

USC 0 €1,053.75 €1,053.75

Total €24,508.20 €22,319.25 €2,188.95

Sergeant

PAYE €1,911.60 €2,028.00 €116.40

USC 0 €1,269.35 €1,269.35

Total €27,571.40 €24,567.65 €3,003.75

Inspector Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 17

PAYE €2,544.80 €2,585.20 €40.40

USC 0 €1,464.37 €1,464.37

Total €30,104.20 €26,601.43 €3,502.77

Position for GSRMA members (Superintendent & Chief Superintendent rank) who retired before 1998

Superintendent

PAYE €6,108.50 €5,778.40 -€330.10

USC 0 €2,086.60 €2,086.60

Total €36,641.50 €31,675.00 €4,966.50

Chief Superintendent

PAYE €10,807.51 €9,913.66 -€893.85

USC 0 €2,792.62 €2,792.62

Total €43,403.49 €36,919.72 €6,483.77

Universal Social Charge

The Universal Social Charge (USC) replaced the income levy and the health levy. Before the introduction of the income levy, members would have been exempted from levies on reaching 70 years of age. No such exemption now applies with regard to the USC. Instead individuals aged 70 years and over must continue to pay USC.

LPT Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 18

Based on a property valued between €200,001 and €250,000 an individual would be paying an annual LPT charge in the amount of €405.

Medical Insurance

On average a married couple could be paying circa €3,200 gross for medical insurance. As the relief is to be restricted to the first €1,000 per adult policy holder, the additional cost per year is €240. Conclusion The analysis of the impact of recent Public Service Pension Reductions and additional taxes that we have undertaken shows the demonstrable and real financial impact felt by members of the GSRMA and their families and the challenges that the members face as a consequence in their ordinary daily lives taking account of increases in the cost of living through increases in essential costs in the area of utilities, medical costs and travel costs. Heretofore however, despite being excluded from negotiations in the main regarding public sector pay reductions, the members have played their part and accepted the cutbacks.

As the Irish economy shows signs of recovery, one of the priorities of Government should be to review the position of those who are more vulnerable in society. This sector of people includes pensioners who due to age and often infirmity have little or no ability to control their income having left employment or who are unlikely to have opportunities to generate new sources of income. The members of GSRMA have dedicated their working lives to serving the police force of this country and contributed to the development of the country through the creation and maintenance of safe environs which has been key in the development of indigenous Irish businesses and in attracting foreign direct investment into this country leading to the creation of thousands of jobs.

It is difficult to foresee circumstances which would allow for the restoration of previous pension cuts in the short term but some gesture towards persons who have contributed significantly to society and who were not responsible for the economic crash would help to alleviate the sense of unfairness felt by members. This could be achieved through a variety of means including for example, revisions to the Universal Social Charge legislation, an increase to the age credit, restoration of full tax relief at source on medical insurance premiums and/or exemption from proposed new water charges. Consideration should be given to a two tier DIRT system where DIRT at the standard rate of tax, presently 20%, would apply to the first €100,000 of savings for a single person and €200,000 for a married couple. Savings in excess of these amounts would be liable to DIRT at the higher rate of 41%.

The members of GSRMA are part of the wider generation of retired people who have served our country well and it behoves Government and citizens alike to cherish and recognise the contributions of these people during their working lives and not to bestow upon them a sense of being unwanted or representing a burden to the State. Now in retirement, they deserve freedom from financial worry to enjoy the fruits of their labour! Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 19 Report on the Impact of Pension Reductions & Additional Taxation Measures to the Garda Síochána Retired Members Association | 20

FOR FURTHER INFORMATION

PLEASE CONTACT:

Colm Browne, Tax Partner

OBI, Third Floor, Mount Kennett House, Henry Street, Limerick

T: 061-401122 E: [email protected] www.obi.ie

This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact OBI to discuss these matters in the context of your particular circumstances. OBI, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.