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 jobsI am not so sure about the productivity of those folks. Only a small percentage will be in full time employment by that age. The rest will be stranded on disability, illness or any other scheme.
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.
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 irelandI 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.
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.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 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, so nothing physical occurred.
My saving was less than €8, and, as Andorra is in the EU, it was legal, but the point is that if an old codger like me can do that, then I'm pretty sure that smart people will be able to bypass your financial transaction levy!
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.
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.If anything, the Average method was more discrimatory - those with a long history in the PRSI system but with a gap in their record. The TCA is far more equitable,.in that you get a pension based on your numbers of contribution years. Phasing it in over 10 years is fair, but we had to get away from a system that could give a full pension after 10 years and yet might result in a lower pension for someone with say 30 years of contributions.
The move to the TCA was originally due to happen in 2021, but better late than never.
Andorra is not an EU member.
AND Andorra has exactly the same pension problems as Ireland or any other country: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!)
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.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!)
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
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.Thank you. I presume it is not something I can sort out now (in my 30s) but at retirement time.
What would I be asking from Canada?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!
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