Ireland to create new scheme for public servants

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IRELAND - Ireland is set to create a separate single pension scheme for all new entrants to the public service in a bid to reduce the state's pension bill, minister of finance Brian Lenihan said yesterday during the presentation of the 2010 Budget.

The new scheme will be in place by the end of 2010 and will calculate benefits based on "career average" earnings instead of final salary on retirement. The minimum pension age for new public se...

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