Originally posted by hptmurphy
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Last edited by DaithiDub; 9 February 2018, 23:40.
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It should be remembered that private sector pensions were heavily punished these last few years with a levy that FF/FG brought in post crash, and only recently removed; this has killed several years earnings for many."Are they trying to shoot down the other drone? "
"No, they're trying to fly the tank"
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Originally posted by trellheim View PostIt should be remembered that private sector pensions were heavily punished these last few years with a levy that FF/FG brought in post crash, and only recently removed; this has killed several years earnings for many.
Accepting the crocodile tears over 'affordability' is a chump's game in any case - there's nothing to stop them taking the money anyway. The emphasis should be on consequences for breaking pension commitments.Last edited by DaithiDub; 10 February 2018, 18:12.
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Originally posted by DaithiDub View Post'Private sector pensions' have themselves become little more than a way for execs to avoid taxes, and a pot for companies to raid. Short-sighted beggar-my-neighbour attitudes do nothing to help out PAYE workers, like most of us here. And we know from experience that all pension pots, public or private, are liable to be seized for the bankers or whoever happens along.
Accepting the crocodile tears over 'affordability' is a chump's game in any case - there's nothing to stop them taking the money anyway. The emphasis should be on consequences for breaking pension commitments.
The budgets allocated to the various departments pay wages , salaries and pensions! My pension contribution is actually paying some retired persons weekly income at the moment as will some else pay mine when I retire.
There is nothing to guarantee that I will get back what I contributed or even that there will be a service pension on my retirement, but I have no option but to pay into it...and pay a further tax on that contribution , just because I have a pension.
I will retire with 25 years or so public service, but my weekly pension receipt will be less than that which I contributed, and thats not even taking my pension levy into account.
For early entrants spending a full reckonable service, in the case of the public service this would be 40 years, the pension is adequate reflection of the amount paid in, but any thing less than full service, the payout decreases rapidly even though I pay the same on a weekly basis.
The origins of public service pensions was sound enough as persons weren't entitled to the state old age pension, after 1982 this changed with new entrants to the public service being required to pay a full stamp and changed their pension contributions.
I would be far better off if I were to invest that amount I pay into my public service pension and levy into a private pension , on retirement, but I can't.
I'll retire at 66, no choice and if I live another 15 years, I'll be Joe Average, but the state will have ripped me off to the tune of 8 years payments!
So IMHO, public service pensions need to be changed.Covid 19 is not over ....it's still very real..Hand Hygiene, Social Distancing and Masks.. keep safe
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Originally posted by hptmurphy View PostThere is this misconception that there is a 'public service pot'... there isn't.
The budgets allocated to the various departments pay wages , salaries and pensions! My pension contribution is actually paying some retired persons weekly income at the moment as will some else pay mine when I retire.
There is nothing to guarantee that I will get back what I contributed or even that there will be a service pension on my retirement, but I have no option but to pay into it...and pay a further tax on that contribution , just because I have a pension.
I will retire with 25 years or so public service, but my weekly pension receipt will be less than that which I contributed, and thats not even taking my pension levy into account.
For early entrants spending a full reckonable service, in the case of the public service this would be 40 years, the pension is adequate reflection of the amount paid in, but any thing less than full service, the payout decreases rapidly even though I pay the same on a weekly basis.
The origins of public service pensions was sound enough as persons weren't entitled to the state old age pension, after 1982 this changed with new entrants to the public service being required to pay a full stamp and changed their pension contributions.
I would be far better off if I were to invest that amount I pay into my public service pension and levy into a private pension , on retirement, but I can't.
I'll retire at 66, no choice and if I live another 15 years, I'll be Joe Average, but the state will have ripped me off to the tune of 8 years payments!
So IMHO, public service pensions need to be changed.
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Much as this is an interesting sideline, its not on-topic. Start another thread if you wish to discuss pensions, public and private."Are they trying to shoot down the other drone? "
"No, they're trying to fly the tank"
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Originally posted by DeV View PostOnly if your willing to pay more tax, cut public services massively and borrow heavily
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