Social Welfare Act, 2001

Pre-retirement allowance — change in withdrawal rate.

23.—(1) The Principal Act is amended by—

(a) the substitution in section 127 for subsection (3) (as amended by section 17 of the Act of 2000) of the following subsection:

“(3) In this Chapter ‘weekly means’ shall, subject to Rule 1(1) or 1(6A), as the case may be, of Part I of the Third Schedule, be the yearly means divided by 52; means shall be calculated in accordance with the Rules contained in Part I of the Third Schedule:

Provided that the amount so calculated shall be rounded up to the nearest £1 where it is a multiple of 50p but not also a multiple of £1 and shall be rounded to the nearest £1 where it is not a multiple of 50p or £1.”,


(b) the substitution for subsection (2) of section 128 (as amended by section 18 of the Act of 1998) of the following subsection:

“(2) Pre-retirement allowance shall be payable where—

(a) the weekly means of the claimant or beneficiary are less than £1, at the scheduled rate,

(b) such weekly means are equal to £1, at the scheduled rate reduced by £1, and

(c) such weekly means exceed £1, at the scheduled rate reduced by £1 for each amount (if any) of £1 by which those weekly means exceed £1:

Provided that, if the weekly means of the claimant or beneficiary are equal to or exceed the scheduled rate, no pre-retirement allowance shall be payable.”.

(2) In the case of a person who is entitled to or in receipt of a pre-retirement allowance on the commencement of this section, the amendments effected by this section shall not have the effect of reducing that person's rate of pre-retirement allowance below that which would be payable had the provisions of sections 127(3) and 128(2) of the Principal Act, in force immediately before that commencement, continued to apply in relation to that person.

(3) This section comes into operation on 28 March 2001.