Pensions and stuff

[john m]

Talking to a fella in the pensions business .He said the Big issue on pension age and dole for people between 66 and 67 he said its more to do with Civil Service pensions and when state workers can retire .He says the state Civil and Public service pension fund is broke .

[maxi]

The reason pensions are broke is a fact that bank's don't have a money! and all what public get paid since SCAMDEMIC CON19 comes from people pensions. Uncle Soros start printing money , we living in interesting times for sure

[Punter]

State and Public Servants can retire after 20 years and up to 35 years for the Premium Gold Star Pensions--60% of final year salary and a lump of up to year and half salary--with increases in line with increments ! This was altered a bit with the last recession  not too much and of course they have to contribute now ,but who wouldn't given what they get--I know a copper retired about 20 years and his Pension is far more than his salary when he retired !
Standard Joe who saves for 30 years and fund gets to circa 250K--they would be lucky to get an annuity of more than 2%--ie 5 k a year !

Leos plan for pushing back the age and paying the Dole is that it is means tested--and negated if still working ,hence unfair --you have paid your tax for 40 odd years and contributed ,why should-en you expect to get the cash as all that went before did ?

[john m]

Punter .The big problem is pension funds are getting fuck all returns on investment but the Irish Civil Service pension was sort of based on todays contributions paying for the past so from the 70s onwards the amount of people employed by the state increased to pay pensions due but now there are not enough people alive in Ireland to fund future pensions especially final salary linked index linked gold plated ones .Like you said people on pensions today getting more per week than they ever earned per week .

[Pugwat]

I don't know who you talk to John. There is no public pension fund. Pensions are payed from dept allocations for pay and pensions. The dept of justice pay garda pensions, the dept of defence pay army pensions and so on.
The population of Ireland is at its highest level in hundreds of years.
I suggest you take a look at the single pension act 2013. A lot changed after the last recession.

[Rat Catcher]

I don't know who you talk to John.

Himself would be my best guess... ifn his talking is anything like his typing.

[john m]

I don't know who you talk to John. There is no public pension fund. Pensions are payed from dept allocations for pay and pensions. The dept of justice pay garda pensions, the dept of defence pay army pensions and so on.
The population of Ireland is at its highest level in hundreds of years.
I suggest you take a look at the single pension act 2013. A lot changed after the last recession.

Public services were meant to put aside funds for future liabilities but spent it on current expenditure like pay increases and existing pensions there are no sink funds ..All State and semi state pensions are in deficit in fact if they were private pension funds the trustees would be jailed .

[Pugwat]

How can they be in deficit if there is no dedicated funds?

[john m]

How can they be in deficit if there is no dedicated funds?

 

They were meant to be building funds .The best one for deficit is DCC .https://www.housing.gov.ie/sites/default/files/publications/files/an_overview_of_pension_income_and_costs_in_local_authorities_december_2018.pdf  .Watch CIE sell off the bus roots to fund the Pension same with CIE .Country is a fucking joke the rules only exist in written form no link to reality

[Rat Catcher]

Did you say "roots" because all the drivers are immigrants with skin of a colour we're not supposed to utter?

[silverbullet]

I don't know who you talk to John.

Himself would be my best guess... ifn his talking is anything like his typing.

[Shallowhal]

Did you say "roots" because all the drivers are immigrants with skin of a colour we're not supposed to utter?

John's only an oul kunte.....

[silverbullet]

Talking to a fella in the pensions business .He said the Big issue on pension age and dole for people between 66 and 67 he said its more to do with Civil Service pensions and when state workers can retire .He says the state Civil and Public service pension fund is broke .

The NPRF was raided by Government


National Pension Reserve Fund should now be revived, says Brian Hayes
Dublin MEP has praised Charlie McCreevy for having the foresight to set up fund
Thu, Feb 26, 2015, 21:45
Harry McGee
 

 
A senior Fine Gael figure has said it is time for Irish political parties to think about reviving Charlie McCreevy’s National Pension Reserve Fund.

Dublin MEP Brian Hayes has said the fund was one of the good ideas of Mr McCreevy, the former minister for finance in Fianna Fáil governments led by Bertie Ahern. It began operating in 2001.

Speaking at the Irish Association of Pension Funds annual dinner in Dublin, Mr Hayes said now that the economy was in recovery mode it was time for all politicians to have a serious think about reviving the fund.

Taxpayers paid a levy into the fund (NPRF) which was established to allow the State build up a war chest of funds. This was to deal with the greatly increased demand for pensions that is anticipated in mid-century as the population grows older.

The NPRF’s asset base had increased to over €22 billion in 2009. However, following the economic and banking collapse, its assets have been diverted as successive governments raided it to fund programmes or help meet the State’s fiscal commitments during the crisis.

The €7 billion remaining in the fund has been earmarked for the Ireland Strategic Investment Fund since December 2014. That fund will invest in large capital and commercial projects which will be of strategic benefit.

Downturn
In rare praise from a Fine Gael politician, Mr Hayes said the creation of the NPRF was a good idea. “The former minister for finance Charlie McCreevy deserves great credit for establishing the fund.

“Unfortunately as the crisis deepened it became necessary to raid the fund to shore up government finances. A debate is now opening up regarding tax cuts, increases in public sector wages and increased spending on public services. Providing for future pensions has to be part of that debate.”

 

[silverbullet]

Talking to a fella in the pensions business .He said the Big issue on pension age and dole for people between 66 and 67 he said its more to do with Civil Service pensions and when state workers can retire .He says the state Civil and Public service pension fund is broke .

http://www.moneyguideireland.com/national-pension-reserve-fund-almost-empty.html

[Pugwat]

How can they be in deficit if there is no dedicated funds?

 

They were meant to be building funds .The best one for deficit is DCC .https://www.housing.gov.ie/sites/default/files/publications/files/an_overview_of_pension_income_and_costs_in_local_authorities_december_2018.pdf  .Watch CIE sell off the bus roots to fund the Pension same with CIE .Country is a fucking joke the rules only exist in written form no link to reality

Did you read that yourself?
The reserve they refer to is for elected councillors. Not employees whose pensions are payed by central funds subject to the single pension act 2013.