Hi, Is our pension affected by the cutbacks. I work for private sector but they are altering our salary to match HSE rates. Say one has a 5% decrease in salary will this also mean a 5% decrease in pension contributions?
What type of pension scheme are you in? Defined Contribution, i.e. your employer and you contribute a fixed percentage of your salary into a fund, or Defined Benefit, i.e. your pension at retirement is a percentage of your final salary?
I think it's highly likely that your pension contributions (and the employer's contributions) will be reduced in line with the reduction in salary, but you should check with your employer's payroll department to make sure.