Irish Pension Liabilities : €436 billion.

gerhard dengler

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Central Statistics Office has released an estimate of Irish pension fund liabilities to 2015.

The figures show :

Private pension fund liabilities = €90.8 billion
State pension scheme liabilities = €231 billion
Occupation scheme (public sector employees) pension liabilities = €114.5 billion

Total pension liabilities = €436 billion.

Estimates of Irish Pension Liabilities 2015 - CSO - Central Statistics Office
 


DJP

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Central Statistics Office has released an estimate of Irish pension fund liabilities to 2015.

The figures show :

Private pension fund liabilities = €90.8 billion
State pension scheme liabilities = €231 billion
Occupation scheme (public sector employees) pension liabilities = €114.5 billion

Total pension liabilities = €436 billion.

Estimates of Irish Pension Liabilities 2015 - CSO - Central Statistics Office
What's the time frame though in that they will be paid out?
 

General Urko

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There is a narrative being pushed, despite there being vastly more favourable demographics here than anywhere else, to push private sector workers into virtually completely looking after their own pension arrangements when they hit retirement age at 70!

And also that fingers crossed many of them will be dead before they can ever claim!

That's the level our betters are at!
 

gerhard dengler

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What's the time frame though in that they will be paid out?
As I understand it. €436 billion pension liability is to end of 2015.

€436 billion represents accrued to date liabilities (to end of 2015). I assume that it is the measure of the difference between pension contributions and pension benefits paid, to the end of 2015. Therefore the contributions (to 2015) are €436 billion shy of the pension benefits to be paid.

The measure of the liability used in Table 2.1 is called the accrued-to-date liability (ADL). It includes future pension benefits due to be paid to those already retired and in the case of current workers, it is the benefit right earned to date (based on past service) which is included.

The ADL measure therefore does not include an (expected) contribution period ahead of current workers. For example, in the case of a 28 year old worker entitled to the State Pension (Contributory) at age 68, the remaining 40 year contribution period will not be incorporated in the ADL estimate in Table 2.1, only the rights built up during the individual’s career to date will be considered.
Introduction - CSO - Central Statistics Office
 

gerhard dengler

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So it's for every adult that is alive now (or in 2015)?
As at 2015 presumably, Darren.

I'm reading through the notes on the CSO link. It says various things such as the CSO analysis contains no data for the value of assets held by the pension funds measured. Presumably some of the pension funds measured do have assets that are of value. So if those (asset) values were to be realised, the deficit would reduce from €436 billion.
 

Lumpy Talbot

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Does that include the completely gratuitous sense of entitlement to a 'top up' which is tied only to final salary and how much of the corruption the claimant knows about and therefore has to be paid in order to keep his or her mouth shut in retirement?
 

Volatire

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I would say this lad's pension is safe.

 

stakerwallace

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My public service pension keeps on giving at any rate
 

gerhard dengler

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My public service pension keeps on giving at any rate
This is part of the point, how long more can these schemes run at huge deficits?

No difficulty with people getting their entitlement. But the imbalance between pension contributions and pension benefits needs to be faced at some point.

436 billion deficit is not a good point to start trying to redress this imbalance.
 

McTell

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No

Analyzer

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Analyzer

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It is completely, and absolutely insane.

Is there a solution ?

Yes. Default. It is simply too large to sustain.
 

Analyzer

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When the baby boomers retire on mass then there will be the issues.
The PUBLIC SECTOR baby boomers !!!! the rest of us will be on the Statutory pension which is just a dole payment.

And they won't give a sh1t. It will be like the bans going insolvent all over again. And bankrupting an insolvent institutional state.

A monumental mess awaits.
 

Analyzer

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Short of defaulting, increase contributions while reducing benefits being the other solution.
That is not going to happen. We are in the midst of a very statist mindset in our "development".

And that statist mindset is the implementation locally, of an imperial mindset in the continent.

It is politically impossible to tell 30% of the labourforce that the promises that they were given by poliiticians are backed by nothing but hot air.

The eventual outcome of Ireland's current binge of Statism, is another insolvency, and this time bankruptcy.
 

gerhard dengler

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That is not going to happen. We are in the midst of a very statist mindset in our "development".

And that statist mindset is the implementation locally, of an imperial mindset in the continent.

It is politically impossible to tell 30% of the labourforce that the promises that they were given by poliiticians are backed by nothing but hot air.

The eventual outcome of Ireland's current binge of Statism, is another insolvency, and this time bankruptcy.
I don't know if there has been any coverage of the pension liability data in the Irish MSM.

There should be MSM coverage of it and lots of coverage at that because, as you say, these deficits will have to be faced up to eventually. These liabilities won't go away unless confronted.

In the meantime, the search for yield will continue regardless.
 


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