A member of the gardai pension would cost 1.8million for a private sector worker.
A super in the gardai who might have salary of around 110k would have a pension of 55k and take home a tax free lump of 165k at age 60. There are well over 300k state employees now. The real ticking timebomb.
Excuse my ignorance, but I'm always a bit perplexed as to how these figures are arrived at?
I doubt if most Gardaí coming to retirement age would have even earned €1.8m throughout a 30yr career, let alone accumulated a pension worth as much.
See here, or more detail [broken link removed]. 30 years service entitles them to 50% of final pensionable salary plus gratuity of 1.5 times final pensionable salary. How much they earned along the way has no bearing on this.
See here, or more detail [broken link removed]. 30 years service entitles them to 50% of final pensionable salary plus gratuity of 1.5 times final pensionable salary. How much they earned along the way has no bearing on this.
I posted the 1.8 figure. Totally wrong. If I had a pot of say 800k and I am private sector worker. I take 200k tax free and am left with 600k say @4% giving me a pension of 24k PA. So in reality lower grade Garda has a pension pot worth somewhere in the region of 800-1m if that makes sense. Remember a lot of public workers can then take up work and build up stamps to claim partial state pension. This is not having a go at public service.Yeh, I get all that. But where did the €1.8m figure come from earlier?
If a Garda retires on €60000 salary, they get €30k pa plus one-off lump sum of €90000.
How is €1.8m calculated from that?
If I had a pot of say 800k and I am private sector worker
My wife retires after 40yrs next year a clerical officer. I would think that this grade is most common in public service. She will get a lump sum 38kX1.5=57k. Pension of 19k pa.
That's what an annuity that provides an equivalent pension benefit would cost a private sector worker.But where did the €1.8m figure come from earlier?
That's what an annuity that provides an equivalent pension benefit would cost a private sector worker.
Public-sector pensions worth millions, new figures show
Enda Kenny’s pension pot would cost a private sector worker €5.2 millionwww.irishtimes.com
Well, you can't bequeath annuity benefits either.But a public sector worker has no discretion over how to invest this notional "pot", can't bequeath it to his children, and is at risk of having a levy placed on his pension in payment if the government falls on hard times.
Is that €50k index linked, with a 50% benefit going to my (materially younger) spouse on my demise?€50k pa for life
Yes, an annuity bought from a life company that provides a comparable benefit would cost something of that order.From what I'm understanding, in order to have a pension like Endas of €325,000 pa, it will cost me €5.2m?
Yes, an annuity bought from a life company that provides a comparable benefit would cost something of that order.
You could. Or you could live to 107.It will take 16yrs to draw down this fund - could be dead in 10!
You could. Or you could live to 107.
Or your spouse (who is entitled to 50% of the pension when you die) could live for a further 30 years after you pass away.
Of inflation could take off again...
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