DPP will retire early after cuts to pensions
Tom Burke
QUITTING: James Hamilton
The Director of Public Prosecutions has admitted that pension cuts have prompted his decision to retire early.
James Hamilton, who has served as DPP for 12 years, has told his staff by email that he will step down in November.
Tax experts say the move at this time could save more than €12,000 a year on his pension.
He is one of the first of many senior legal figures expected to retire early because of the new Government rules on pensions and retirement lump sums.
By retiring this year, Mr Hamilton's pension and lump sum will be calculated on his salary of almost €240,000.
If he stayed beyond February 2012, his pension and lump sum would be calculated on his new reduced salary of €215,590.
The DPP has already been hit by a reduction in the maximum tax free pension lump sum which has been reduced from €1.35m down to €200,000.
Mr Hamilton said he could not deny that pension reform was a "factor" in the decision.
The lawyer does not have a private pension fund but has been entitled to retire on a full State pension since 2009 although he could have served another two years in his post.
"It made me assess my situation and I came to the view that now was a good time to go.
"I am probably unusual, I was entitled to go on a full pension from the age of 60, but if I stay beyond next February my lump sum and pension would be affected," he said.
csheehy@herald.ie
- Clodagh Sheehy
