why are we allowed to get away with those large pensions and greece are not?

Firefly said:
I can't understand either why any civil service worker gets a tax-free lumpsum when they have a pension that would cost over 1m to fund ready and waiting for them.
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If I retired tomorrow, with 40 years service, at the top of my pay scale my pension would be €18,670 per year before tax, minus the state old age pension.

What age are you expecting me to live to?
 
Delboy said:
increments are awarded regardless, until you hit the top of your scale and thats that. Then you either get promoted or wangle a regrading, in which case the increments start again depending where on the new scale you've landed
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No, they're not. A colleague of mine would testify to that.
 
Bill Struth said:
No, they're not. A colleague of mine would testify to that.
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Well, I've never heard of anyone not getting them- it would be a huge union issue and they'd be afraid of setting a precedent.
Maybe if there was serious disciplinary action been taken against an individual...and even then, I have never seen the increments getting stopped in those circumstances
 
Just because you've never heard of something happening doesn't mean it hasn't happened.
The person in question got a low grade in their annual review, increment not approved, and unable to apply for promotion (not that that matters with the current promotion embargo.)
 
Purple said:
I think the pension levy has gone a long way to putting the whole public sector pension issue to bed. It’s still a great deal but not what it used to be.
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The was a rumour a couple of budgets back that the lump sum was going to be taxed (17.5% I think). Many PS workers I know still think it could come in down the line.
Coupled with new entrant's pensions going to be paid on career average rather than final salary, the pension may not be the rolls royce pension it is often qouted by the media
 
Firefly said:
I can't understand either why any civil service worker gets a tax-free lumpsum when they have a pension that would cost over 1m to fund ready and waiting for them.
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Where are you getting the 1 million figure?
Take someone on a reasonable salary of 60K.
Their lump sum would be 90k and annual pension 30K, which would mean they would have to be retired for 30 years to hit the 1 million mark.
In my case I would have to live to be 97!
 
If I could draw a personal comparison - I am a member of a DB private sector scheme , I was able to retire ridiculously early , I derogated a portion of my final pension & together with the maximum statutory redundancy garnered a six figure lump sum and still emerged with a pension slightly in excess of half of my final salary - I then claimed jobseekers allowance for 18 months & as long as I sign on for credits can eventually claim the OAP ( God willing ) - I should also point out that I received the first tranche of 3% under the National Wage Agreement towards 2016 & am due a further increase in April next.

All for salary contributions roughly equivalent to 1/4 of those currently paid by Public Sector employees.

And yes I know I am extremely fortunate - as are the thousands of current pensioners in the scheme.

I am posting this not from any sense of boasting but to show that excellent pensions are also paid to some private sector employees
 
Purple said:
I think the pension levy has gone a long way to putting the whole public sector pension issue to bed.
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I'm not sure bosco. The recent primetime investigates program on pensions showed a pension of 1m+ would be required in the private sector to match what a typical Garda would receive when retiring.
 
Members of the garda can retire on full pension after 30 whereas civil servants must work 40 years to receive full pension.
 

Hi Shawady,

As per later post, it was shown on Primetime a few weeks back, that someone in the private sector would have to have a pension fund worth over 1m to provide the same pension income as a typical Guarda retiring. There was a lady who had a fund of approximately 200k if I remember correctly and this would only produce 93 euro a week if she retired at 61. I might have the figures out a bit but that was the jist of it.
 

Another factor is that the lady you refer to above will in all probability qualify for the OAP on reaching the appropriate age - the Garda won't.
 

Can you say what sector you worked in?
 

and just because you've heard of 1 person, that does'nt mean it happens in any way near significant numbers across the civil/public service!
 
Bill Struth said:
If I retired tomorrow, with 40 years service, at the top of my pay scale my pension would be €18,670 per year before tax, minus the state old age pension.
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If you take away 11,960 (state pension of 230 x 52) from 18,670 that leaves 6710 or 129euro per week. Considering the example of the lady in the prime time report had amassed a fund of 200k yet would only receive 93 euro a week, means that she would need a fund of 280k to match your pension. In any case, the pension figures you have provided are unlikely to break the bank. The prime time report based the 1m+ pension value on a typical Garda retiring after full service.

Bill Struth said:
What age are you expecting me to live to?
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As long as you can like the rest of us!
 

Could be right but the thing about the garda pension is that they are only contributing for 30 years rather than the norm of 40 years in the civil service. Even in my previous job in private industry the pension was based on 40 years service.

In a general example take two people aged 20. One starts in Garda and retires on full pension at 50 and lives to be 80.
The other starts in civil service and retires on full pension at 60 and lives to be 80.
The garda has had 30 years in work and 30 years in retirement. Whereas the civil servant has 40 years in work and only 20 years in retirement so the garda pension would cost much more to fund.
 
Delboy said:
and just because you've heard of 1 person, that does'nt mean it happens in any way near significant numbers across the civil/public service!
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I never said that it does happen in significant numbers.

You said that it never happens, I merely pointed out that you were wrong.
 
and now we hear the ex president gets a pension based on pay before the reductions!! wow i would have loved to work in an evironment like that. oops I forgot it is our money theyare thwowing away and we know how we are perceived by those in government .. idiots, tell them anything and they will vote for you.

How can any pension department worth its salt not realise that a pension is assessed on the salary applicable at the time of retirement and not one that was in place 2 years ago.

It beats me how they get away with and now I hear that other individual CARDIFF is saying we should have outside supervision, how droll, he did not say a lot about outside supervision when he was in situ.

very worrying and we are heading towards a society where its all about money and morals just go out he window.

A pension of 160,000 is an awful lot of reward when those salaries rocketed under false pretences.
 
NOAH said:
How can any pension department worth its salt not realise that a pension is assessed on the salary applicable at the time of retirement and not one that was in place 2 years ago.
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I share your concern about these outrageous pensions, but don't blame the administrators. They don't make the rules.
 
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