Joe Duffy Pension

Conan

Registered User
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1,653
Strange comments by Joe Duffy in today’s Sindo re his private pension:
” any spare money goes into the pension....and the pension is gone again. It disappeared 10 years ago ...and now again with Covid-19. It was invariably invested in stocks and shares”.
Yes markets have fallen year to date (significantly) but are still a lot higher than a few years back. The comments make no sense, unless he is looking for sympathy for being paid only c€400,000 pa by RTE.
 
I remember he gave an interview with one of the national papers some years ago after a health scare and in it he complained that he had no health insurance.
 
I think many people would gladly take 10 years worth of pension contributions from a €470,000 salary over their meagre pension pot accumulated over decades!

He'll have to stop shopping in Nolans Clontarf - the most expensive supermarket on DNS - and switch to LIDL.
I reckon based on the LIDL ads for their switch and savers, that this will save him €100,000 a year.
If only because lobster and champagne are available about 2/52 weeks of the year there.
 
I'm always reminded of his appearance on Podge and Ridge when they asked him was he a socialist, he replied yes. They just kept quoting his salary. Poor Joe.
 
Don’t those guys all work as contractors via their own companies?

If so, they’re able to make massive annual pension contribitions.
 
And even taking the last two crashes into account, he would still be way up. His pension would have fallen in value from its all time high but he should be comparing the return on what he has put in versus its value, not its highest point. You don't look at the return on a property on the basis on the highest point but people do it with equities all the time :rolleyes:

4563
 
Could he have borrowings in his pension fund?

I presume it's unlikely if it's invested in shares rather than property.

Brendan
 
as he is a contractor what rules in terms of taxation are contractors subjected to given they could establish a company?
 
Could he have borrowings in his pension fund?

I presume it's unlikely if it's invested in shares rather than property.

Brendan

More likely that he's talking out his backside.

as he is a contractor what rules in terms of taxation are contractors subjected to given they could establish a company?

He's still taxed as a PAYE worker. RTE pay him gross income to his company. He can then hire his wife, draw down money as his wishes, start up his own pension scheme. It provides him with much more flexibility.

Looking at his company accounts, he's not drawing down all the income he's earning and has enough cash there to get him through these lean times :rolleyes:
 
Well,

If Joe was after a bit of free publicity for his over-hyped phone in show, he's certainly getting it here!

Just imagine if poor old Joe was told that he'd have to live on €100k pa, not only would he be worried about his retirement fund, but he'd probably also have to go and get advice from MABS...
 
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