There has been significant pension reforms in the State Sector in recent years. It is no longer nearly as attractive as it was for those who are now retiring.I'm in the process of completing Revenue Form 11 before the deadline for 2019 tomorrow and in today's news I'm informed ten HSE staff are 'retiring' with lump sums in excess of €300k plus an annual 'pension' of €125k in one case.
Firstly, these are not pensions as there's no fund rather they're funded from day to day taxation with a small contribution by the recipient.
The only beneficiary I have heard describing some PS pay rates being "out of control" was the economist Moore McDowell.
Ireland is a small agrarian society, currently enjoying the temporary spoils of being an unofficial tax haven, yet PS pay rates are exorbitant, permanent and rising exponentially.
There will never be PS pay reform as long as the overweening unions remain unchecked by successive governments.
It is simply infuriating to think I will be paying a tax liability today which will directly or indirectly fund grotesque overpayments such as this.
Ten former HSE staff retire with lump sums of more than €300,000
Pensions for 131 high earners in health service to cost €9.95 million every yearwww.irishtimes.com
Six Trinity employees earn over €300k each in 2019
That is according to the 2019 annual accounts for the university and subsidiaries which show that the university group recorded a surplus of €5.7m in the 12 months to the end of September last.www.irishexaminer.com
There has been significant pension reforms in the State Sector in recent years. It is no longer nearly as attractive as it was for those who are now retiring.
The State pension that we are all entitled to is a bigger problem from a sustainability perspective.
How is that calculated for unfunded DB pensions?Probably also worth pointing out that any PS employee retiring on such a package will exceed the €2m fund cap and thus be subject to some “excess of fund tax” (albeit not paid as a lump sum).
What if the pension is less than the OAP? Consider someone who joined the PS a few years before retiring and their PS pension was, say, 5k per year. Would they get this on top of the OAP or just the OAP?It should also be pointed out that Public Sector pensioners do not receive the Old Age contributory pension in ADDITION to their occupational pensions rather the OAP is integrated into their pension.
What if the pension is less than the OAP? Consider someone who joined the PS a few years before retiring and their PS pension was, say, 5k per year. Would they get this on top of the OAP or just the OAP?
Not necessarily true.Answered here
What if public sector pension is less than OAP?
Hi, Deiseblue said in another thread Public Sector pensioners do not receive the Old Age contributory pension in ADDITION to their occupational pensions rather the OAP is integrated into their pension. I would like to know, what if the public sector pension is less than the OAP? Consider...www.askaboutmoney.com
1. What happens if I do not qualify for Old Age Pension or any other Social Welfare benefit?
If, through no fault of your own, you do not qualify for Old Age Pension or any other Social Welfare benefit or qualify for only a partial entitlement then you may be entitled to receive a supplementary pension.
12. What is a supplementary pension?
A supplementary pension is an additional amount of pension that may be paid to a person whose occupational pension is co-ordinated with the Old Age Pension. It is paid in circumstances where the combined pensions (i.e. occupational and Social Welfare benefit) are less than the pension they person would receive if the occupational pension was calculated on a non-co-ordinated basis. It comes in for consideration when a person who is umemployed and who through no fault of their own fails to qualify for any Social Welfare entitlement; it represents the difference between the total of the pensions actually received by the person and the pension that would be payable if the occupational pension was not co-ordinated with the Old Age Pension.
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