"In general, only schemes for commercial State bodies have a dedicated fund to meet pension liabilities. Schemes in the non-commercial public sector, such as the civil service, local government, education, Gardaí, prison services and health services are financed on a 'pay as you go' basis."
HI. the above was a topic of discussion recently and there was a difference of opinion in the source of civil service pensions already in payment.
One said, they assumed there was a pension fund and the civil servants pensions in payment came from that.
Another said No, that each year, civil servants pensions in payment had the first call on the budget for the year and that it came from the government funds in the same way all other expenditure does.
I have no idea what the correct answer is. Out of curiosity only, can anyone tell me how it works? The scenario being, I'm a retired civil servant who worked in administrative role in the Dept of Transport (just an eg), where does my pension payment come from?
Thank you
HI. the above was a topic of discussion recently and there was a difference of opinion in the source of civil service pensions already in payment.
One said, they assumed there was a pension fund and the civil servants pensions in payment came from that.
Another said No, that each year, civil servants pensions in payment had the first call on the budget for the year and that it came from the government funds in the same way all other expenditure does.
I have no idea what the correct answer is. Out of curiosity only, can anyone tell me how it works? The scenario being, I'm a retired civil servant who worked in administrative role in the Dept of Transport (just an eg), where does my pension payment come from?
Thank you