5.— (1) In this section “public service pension” has the meaning it has in the Act of 2010.

(2) In subsection (3) “relevant pensioner” means a pensioner (within the meaning of the Act of 2010), the annual public service pension of whom exceeds €32,500, and this reference to the pensioner’s annual public service pension is a reference to his or her annual public service pension as it stands reduced by virtue of the operation of the Act of 2010 before the passing of this Act.

(3) F1[…]

(4) Where the application to a pensioner of the amendment effected by subsection (3) would result in the annualised amount of his or her public service pension being reduced to less than €32,500, then the amendment effected by that subsection shall only operate to reduce the annualised amount of his or her public service pension to €32,500.

(5) The Act of 2010 is amended by inserting the following section after section 2:

“Persons becoming pensioners after 29 February 2012: reduction in public service pension.

2A.— (1) For the purposes of this section—

(a) the definition of ‘pensioner’ in section 1 shall apply with the modification that references to the relevant date in paragraphs (b) and (c) of the definition shall be read as references to 31 August 2014 or such other date as may be specified in accordance with section 9(1)(b)(ii) of the Financial Emergency Measures in the Public Interest Act 2013;

(b) ‘relevant (post 29 February 2012) pensioner’ means, subject to subsection (2), a person who became a pensioner after 29 February 2012, or becomes such after the passing of the Financial Emergency Measures in the Public Interest Act 2013, but no later than 31 August 2014 or such other date as may be specified in accordance with section 9(1)(b)(ii) of the Financial Emergency Measures in the Public Interest Act 2013 and the annual pension of whom (in either case) exceeds €32,500.

(2) In subsection (1)(b) the words ‘but no later than 31 August 2014 or such other date as may be specified in accordance with section 9(1)(b)(ii) of the Financial Emergency Measures in the Public Interest Act 2013’ shall be disregarded in the case of a pensioner falling under paragraph (c) of the definition in section 1 of ‘pensioner’, as that definition applies by virtue of subsection (1)(a).

(3) With effect on and from 1 July 2013, the annualised amount of a public service pension payable in accordance with his or her entitlement to a person who is a relevant (post 29 February 2012) pensioner shall be reduced in accordance with the Table in this subsection.

Table

Annual Pensions of Relevant (Post 29 February 2012) Pensioners

(4) Where the application to a pensioner of subsection (3) and the Table in that subsection would result in the annualised amount of his or her public service pension being reduced to less than €32,500, then that subsection and Table shall only operate to reduce the annualised amount of his or her public service pension to €32,500.

(5) If two or more public service pensions, the annual amount of which, taken together, exceeds €32,500, are payable to a pensioner, all such pensions shall be aggregated for the purposes of applying subsection (3) in relation to the pensioner.

(6) Where a pension adjustment order has been made in relation to a public service pension, the annualised amount of the public service pension shall be reduced under this section before it is paid in accordance with the provisions of the pension adjustment.

(7) This section has effect notwithstanding—

(a) any provision by or under—

(i) any other enactment,

(ii) any statute or other document to like effect of a university or other third level institution,

(iii) any pension scheme or arrange-ment,

(iv) any circular or instrument or other document,

(v) any written agreement or contractual arrangement,

or

(b) any verbal agreement, arrangement or understanding or any expectation.”.