most of those won't be in the sharp end of the economy either building houses and infrastructure, they will be in desk jobs in public sector or other highly regulated sectors and will be keeping younger possibly more productive and energetic people out of those jobs
State Contributory Pension - transition to TCA from 2025
- Thread starter Dave Vanian
- Start date
I find it a fascinating subject as well. Especially since I noticed how near I was to pension age. I passed that age since- but did not lose interest. My sole income depends on a healthy pension system.
How about a charge on financial transactions to help financing the pension system. Billions of shares sold daily- many that quickly that it can be done only by computers. The human mind would be too slow. Just a few cents on each transaction. A software in the system would take care of the collection of the money. And it would not hit poor people.
How about a charge on financial transactions to help financing the pension system. Billions of shares sold daily- many that quickly that it can be done only by computers. The human mind would be too slow. Just a few cents on each transaction. A software in the system would take care of the collection of the money. And it would not hit poor people.
I bought some security software online recently. When the "pay" screen came up, it had automatically added Irish VAT @ 23% to the invoice. So I cancelled the transaction and closed the window. I then used my VPN to cyber-locate myself in Andorra (VAT in Andorra is 2.5%) and then proceeded to purchase the software. (The purchase involved me being emailed a licence number for the software I purchased, so no physical goods were involved and there were no delivery charges.)
My saving was less than €8, and, as Andorra is, effectively, in the EU for these sort of transactions, it was legal, but the point is that if an old codger like me can do that, then I'm pretty sure that smarter people than me will find it easy to avoid your proposed financial transaction levy!
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irish financial system is already heavily regulated and taxed, the irish stock exchange is a shadow of its former self with many big names having left for NYSE or LSE, you will just kill it off completely , ireland is a minnow in the global financial space except as a low tax haven for foreign funds domiciling in ireland
Interesting thought process. Which jurisdiction gets the VAT element of the payment I wonder? I’m guessing Andorra which if correct leaves the Irish exchequer short changed and even less able to fund its pensions bill.
Interesting thought process. Which jurisdiction gets the VAT element of the payment I wonder? I’m guessing Andorra which if correct leaves the Irish exchequer short changed and even less able to fund its pensions bill.
Ah, but I'm a proud Mé Féiner first, a prouder EU citizen second and an Irish patriot third!
Furthermore, I prefer to leave the flag waving to the Falls Road mob! Including this great patriot: "Sinn Féin President Mary Lou McDonald has said that her party will legislate to return the age of eligibility for a State pension to 65 within the first 100 days of being in government. She added that: “This afternoon I am publishing legislation that Sinn Féin will introduce in the first 100 days of being in government – the Right to Retire at 65 Bill."
My question is as to whether the great Mary Lou - an acknowledged expert in promising to spend other peoples' money - will backdate my OAP to the day when I turned 65! Because if not, then it's clear that she doesn't really respect penniless old age pensioners!
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I agree that the TCA approach is more fair but even people disadvantaged by the averaging system due to emigration will typically get less under TCA. Under the averaging system, I would be in band 30-39, so would get a 90% pension. Under TCA it will be c75%. The existing averaging system is very generous to those with less than full contributions. That is the key money saving.
Des Pondent
Registered User
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I started work part time as a 16 year old student so my working life up to age 66 is 49 years.
I will have 43 years of reckonable contributions.
Under the average system I will not qualify for a full contributory pension as my average contribution over the 49 years is only 45.
Under total contributions I will get the full contributory state pension.
While some might not do as well under total contributions, I think there are many like me who will do better.
I will have 43 years of reckonable contributions.
Under the average system I will not qualify for a full contributory pension as my average contribution over the 49 years is only 45.
Under total contributions I will get the full contributory state pension.
While some might not do as well under total contributions, I think there are many like me who will do better.
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Ah, but it has a trade arrangement with the EU - rather like Northern Ireland. (Not that that has anything to do with the topic of this thread!)
AND Andorra has exactly the same pension problems as Ireland or any other country:
Principality of Andorra: Selected Issues
Reforming the Andorran pension system is a key priority to ensure its sustainability and reduce contingent liabilities. In the absence of reform, the Andorran social security system will accumulate deficits starting in 2024, rising to about 9 percent of GDP per year by 2040. The Andorran...
www.elibrary.imf.org
It is totally relevant in order to correct your previous error. I note that you have now edited your post to discuise your incorrect statement.
The move to the TCA seem much fairer for sure.
Like others I spend 8 years outside Ireland after finishing college. I worked part time during college with some of it, not the first job not put through the books. Like most I couldn’t afford not to work.
I need to see in which case I will do better.
Given the high percentage of Irish people who spend a decent amount of years outside Ireland was this a design choice.
Since things became more official most jobs even for teenagers are through the books.
I worked in Canada. Can I use credits from there to up my average?
Like others I spend 8 years outside Ireland after finishing college. I worked part time during college with some of it, not the first job not put through the books. Like most I couldn’t afford not to work.
I need to see in which case I will do better.
Given the high percentage of Irish people who spend a decent amount of years outside Ireland was this a design choice.
Since things became more official most jobs even for teenagers are through the books.
I worked in Canada. Can I use credits from there to up my average?
Flybytheseat
Registered User
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...
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View Treaty - Canada.ca
Combining social insurance contributions from abroad
Combining social insurance contributions paid in Ireland and abroad can help you qualify for a social welfare payment. Find out more.
View Treaty - Canada.ca
www.treaty-accord.gc.ca
Combining social insurance contributions from abroad
Combining social insurance contributions paid in Ireland and abroad can help you qualify for a social welfare payment. Find out more.www.citizensinformation.ie
Thank you. I presume it is not something I can sort out now (in my 30s) but at retirement time.
Dr Strangelove
Registered User
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Get your social insurance from Canada ASAP. Make sure that all your employment there was correctly recorded so that you have all the credits on your record that you are entitled to.
It is easier to correct this now than in three decades!
What would I be asking from Canada?
Just a statement of my social insurance to keep for my own records? Obviously good to double check but I expect everything was paid as I worked in professional jobs / government jobs.