Sinn Féin Budget reducing the SFT to €1.5M

[Marsupial]

I will ignore the little tinge of racism in your post, as there are a large number of consultants ( overseas born) working in the Irish public health service, as well as NCHD's, and nurses and other health professionals
So, when do we stop?
Will we pay them a million quid a year, or two million, or ten?
And will their pensions be 500k a year or 1 million a year?

We'll pay them whatever it costs to attract them back to Ireland and retain them in the HSE; no more and no less.
And, like every one else's, their employment pension will be calculated in the usual way and will, before tax, be roughly 50% of their salary.
They'll get a nice lump sum too, some of which will exceed the tax-free threshold and be taxed at 20%.
Furthermore, as they pay Class A PRSI, they'll also be eligible for the State Contributory Pension. They'll all probably have PRSAs as well.
(My mate, the retired consultant also has a small pension from each of the three overseas hospitals where he worked after graduating in order to develop his medical expertise. So he's keeping his accountant busy and you'd probably enjoy listening to him grumbling about how large his annual accountancy fee is!)

All a complete no brainer really, unless you really, really believe that third rate consultants will do for you, your family and your fellow countrymen.
(In which case I assume that your all-time favourite car is a Lada.)

 

[Dr Strangelove]

Apparently there have been no applicants for the AGS Deputy Commissioner job due to fears by applicants of the impact of the SFT.

See here.

The reluctance to apply for the role is believed to be related to large tax liabilities that arise on retirement when workers’ pension pots exceed €2 million. It is understood that some senior officers who retired in recent years owed six-figure sums in tax, above what they were expecting.

That experience of their former colleagues appears to have resulted in assistant commissioners deciding not to apply for the deputy commissioner post.

 

[Allpartied]

We'll pay them whatever it costs to attract them back to Ireland and retain them in the HSE; no more and no less.
And, like every one else's, their employment pension will be calculated in the usual way and will, before tax, be roughly 50% of their salary.
They'll get a nice lump sum too, some of which will exceed the tax-free threshold and be taxed at 20%.
Furthermore, as they pay Class A PRSI, they'll also be eligible for the State Contributory Pension. They'll all probably have PRSAs as well.
(My mate, the retired consultant also has a small pension from each of the three overseas hospitals where he worked after graduating in order to develop his medical expertise. So he's keeping his accountant busy and you'd probably enjoy listening to him grumbling about how large his annual accountancy fee is!)

All a complete no brainer really, unless you really, really believe that third rate consultants will do for you, your family and your fellow countrymen.
(In which case I assume that your all-time favourite car is a Lada.)

So, your consultant friend was quite happy to work in Ireland and take the attractive salary. He now gets the attractive pension. Why do you think these consultants who have fled abroad , for lower salaries , are not coming back? I mean we are already offering the highest salaries in the world. So, why do they need more? It must be something else that is keeping them away, if that is actually the case.

Third of doctors who complete specialist medical training in Ireland moved abroad

A study by the HSE has acknowledged that the retention of fully trained specialists was 'of particular concern' as such doctors represented a large investment by the State

www.irishexaminer.com

Though it seems, most of those who go abroad do return when they reach their consultant level of training.

A better work life balance, better training ( by those top rate consultants) and more support services would seem to be the key, rather than more money.
The only reason they are falling into the 2 million euro pension threshold limit, is because their salaries are so high. Same goes for the Garda Superintendants. Its not a bad complaint to have.

 

[nest egg]

Apparently there have been no applicants for the AGS Deputy Commissioner job due to fears by applicants of the impact of the SFT.

See here.

Pat Kenny did a piece on it too today. Seems the only way is up for the SFT.

How does the garda pension system work? | Newstalk

How does the Garda pension system work? To tell us more we spoke to Paul Kenny Former Pension Ombudsman working with the Retirement Planning Council of Ireland.

www.newstalk.com

 

[Interstellar]

As salaries go up so many more public servants will breach their PFT and retire early. We need to retain these experienced workers. The PFT needs to keep pace with salaries and inflation. The UK completely abolished PFTs earlier this year.

 

[Steve00]

Either you do away with any SFT limit or at the very least it rises annually to match the rate of inflation. Otherwise a host of professionals are soon going to be choosing to retire or, at a minimum, work less in their 50s & 60s & where will their replacements come from ?. Why shouldn’t people who work hard have the expectation of a substantial pension ?. Dare I say they have earned it.

SF populist nonsense will ultimately come back to take chunks out of its credibility if it ever gets near power. Poorly thought out policy will be its nemesis. Perhaps a year of a SF minority government after they fail to attract a political partner might be the least worse solution at the next election ??.