Partly a union (the old FUE side), but it doesn't mean they're part of ICTU.
Public sector pay freeze for top 40,000 public servants announced
Partly a union (the old FUE side), but it doesn't mean they're part of ICTU.
I certainly accept that I was wrong.
Bank of Ireland employees pre 2008 can expect to retire on two thirds of their final salary ( not three quarters as I initially stated ) plus they can avail of the OAP based on contributions of 2.5% of their salary.
AIB employees pre 1996 have the same entitlements.
Gold plated or what ?
All for contributions of 2.5% of salary.
Really puts the Public Sector pensions in the shade.
I suppose a key difference is that where these employers spotted a propblem with the pension system they changed their conditions. However, this has not happened for the PS.
In addition, for many on DB schemes their employers have had to increase contributions from employees (their own private pension levy) just to make it viable.
As I pointed out that maximum employee contribution to the BOI hybrid DB/DC scheme is 5.5 % which is actuarially calculated to provide a pension of 66% of final salary.
Beanpole
You keep banging on about a 20% pay cut across the board but, when asked, refuse to explain how you came up with this figure. For instance why the same percentage across the board? Why 20%? Is this in addition to the cuts we have already taken? (and yes, the pension levy is a 'cut'!).
Its just really hard to take your posts seriously when you just bang out statements with no analysis or explanation.
Yes, it is a reduction in take home pay and amounts to a 'cut' in that respect. But it is both irritating and disingenuous IMO when people specifically refer to this as a 'pay cut' - and I'm not getting at you Liaconn.
If due to a change in policy or circumstances with my pension I had to contribute more per month (or my employer contributed less - whatever)
I could never genuinely say that I had been subjected to a 'pay cut' and expect to be taken seriously.
Bill Struth
Registered User
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He's an angry man isn't he?
Not the issue though - very little you me or anyone can do about that.
If it concerns anyone that much I assume there is some way they can opt out and make their own (generally far more costly and less attractive) pension arrangements like nearly everyone outside of the CS/PS?
Princples eh? They tend to be expensive.
If it concerns anyone that much I assume there is some way they can opt out and make their own (generally far more costly and less attractive) pension arrangements like nearly everyone outside of the CS/PS?
Princples eh? They tend to be expensive.
Thats the problem - there is no opt out. As I've said earlier, if there was, I'd advise my wife to opt out as acturially speaking, she will never get the full value of her contributions.
Have you had advice from an actuary to that effect?
Doesn't get full value for conts?????
Work for 40 yrs, pay 6.5% pa = 260% of salary.
Get 150% of salary as a lump-sum at retirement.
Get 50% pa pension.
After 2 yrs = 150 + 50 + 50 = 250%.
Payback.
What I mean is that PS pensions are so good that you may have received back all your conts within 3yrs of retirement, and the following 30 yrs pension is taxpayer subsidised.
Work for 40 yrs, pay 6.5% pa = 260% of salary.
Get 150% of salary as a lump-sum at retirement.
Get 50% pa pension.
After 2 yrs = 150 + 50 + 50 = 250%.
Payback.
What I mean is that PS pensions are so good that you may have received back all your conts within 3yrs of retirement, and the following 30 yrs pension is taxpayer subsidised.
At the current time Public Sector workers are paying 14% pa towards their pensions not 6.5%.
As pointed out in my previous posts PS pensions are dwarfed by the gold plated pensions enjoyed by Bankers for substantially less contributions.
..and you are the only one making this comparison which is far from typical or realistic.
The simple fact is that the average private sector worker, on an average salary makes a much higher contribution to their pension and gets much less for it than the equivalent public sector worker and their pension.
Are you saying this is incorrect?
Nice one, throw in bankers to distract the situation.
There are a small minority of workers in the private sector whose initial pensions on retirement exceed those enjoyed by the majority of public servants. I have come across no private sector employees whose pensions are incremented in line with the salaries of those in their old position.
In any case the minority of private pensions are funded by the shareholders of these companies (except for cases like Anglo where the government has foolishly stepped in, but that is beside the point).
Your previous posts have had glaring factual inaccuracies in an effort to distort the true picture.
As a nation of tax payers the impact on our pockets of excessively generous public sector pensions that are linked to salary inflation DWARFS any envy that might exist towards a small number of privately funded pension schemes
I am merely pointing out that by far the best pensions are enjoyed by a significant number of employees in the Private Sector , more than 40,000 people work in the Irish Banking Sector and as I've said a large number of firms have comparable pension schemes .
We really have to get away from this idea that the Public Sector provides the best pensions for the least amount of employee contributions when this is quite obviously not the case.
What about the large multinationals? Their pension schemes are more generous than the public servants.
So now we have:
Banking/Insurance industry
Semi-State organisations
Large Mulitnationals
All with more generous pensions..........this is a very high proportion of the private sector work force.
No it is not. There are less than 600,000 employees of DB schemes in ireland. I'd guess 300,000, or almost half, of these are in the public service.
So perhaps 300,000 out of 1.6 million private sector workers have DB pensions.
I don't even know why I'm quoting this again because you have been heavily involved in previous threads where I've provided these figures.
Bottom line is that yes about 20% of private sector workers could consider themselves to have pensions in line with what's payable in the public service.
The 600,000 people with DB pensions should all consider themselves very well looked after compared to the 1.2 million workers with no pensions