Ministerial and private pensions gap revealed

neutral_lurker

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Joined
May 28, 2009
Messages
844
The problem is these guys get paid to turn up for work in Leinster House no matter where they live. Due to their fixed terms politicians should probably be employed as contractors. It seems they are exempt for BIK rules that apply to the rest of us.
It seems they are exempt for rules that apply to the rest of us. Full stop.
 


bm42

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Joined
Jun 15, 2004
Messages
292
Max state sector pension payout to be capped at 5x the contributory OAP, inclusive of the OAP. You only get to claim one pension, no more multiple pensions. Same rules for any private sector DB pension fund that enters any kind of funding difficulties until those funding difficulties are resolved. Protect the majority, not the elite few.
 

Watcher2

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May 2, 2010
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36,122
The easiest way to save money full stop is by changing the public service pension scheme from that of a defined benefit to defined contribution. There are very few defined benefit schemes left in Ireland and none would be comparable to the benefits paid by the public service scheme. It is then easy to factor in the expense of the public service pension bill every year because it has a fixed cost. However, what government is going to change this when it is only them that will suffer? I gather at this stage that we have become totally aware that the politicians of this country are only looking after themselves and have no interest in changing the system for the betterment of everyone.
I was at a Fianna Fail meeting last night in Midleton (I am not party affiliated) where Eamon O'Cuiv was the main speaker. Firstly, he arrived an hour later, then again he did apologise!
All I witnessed was massive support by staunch FF'ers. Being honest, I went there with the intention of 'having a go' but saw no other great opposition from the audience on what was being said. I felt like I would be linched if I spoke my mind (given that it was a FF event, even if it was open to the public).
They do admit that they will be gone come April and May but say that the new government also won't last a full term! Bottom line is all that was spoken last night was the usual nonsense we hear every day from their spin doctors!
I guess its time to prepare for that iminent election!!
Just a slight clarification, there are a lot of DB schemes left in Ireland but most are closed to new entrants. Those that were in the DB schemes, are still in them (unless they left their employment and transferred their benefits to a new non DB scheme).
 

honesty101

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Aug 25, 2009
Messages
18
Just a slight clarification, there are a lot of DB schemes left in Ireland but most are closed to new entrants. Those that were in the DB schemes, are still in them (unless they left their employment and transferred their benefits to a new non DB scheme).
I stand corrected. However, even if the government changed from the db to dc now for new entrants only it would take forever for the change to be felt given the embargo on new recruits. My suggestion would be to change it for everyone immediately given retained benefits based on service to date and any benefits provided from here on in would depend on the value of their final fund, like everyone else.
Unfortunately, there would be nothing that could be done with those already in retirement except for the fact that should not be entitled to any future pension increases that may materialise (at any time down the road) due to the fact that their pensions are related to the grade that they retired at.
 

Watcher2

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Joined
May 2, 2010
Messages
36,122
I stand corrected. However, even if the government changed from the db to dc now for new entrants only it would take forever for the change to be felt given the embargo on new recruits. My suggestion would be to change it for everyone immediately given retained benefits based on service to date and any benefits provided from here on in would depend on the value of their final fund, like everyone else.
Unfortunately, there would be nothing that could be done with those already in retirement except for the fact that should not be entitled to any future pension increases that may materialise (at any time down the road) due to the fact that their pensions are related to the grade that they retired at.
I would really love to agree with you but I simply dont have that level of HR law knowledge to say whether that is legal, and quite frankly, I'm not sure I totally agree with moving people from one scheme to another. Amending the scheme rules slightly I can condone given the circumstances but we all need to be careful not to run roughshod willy nilly over peoples rights. I'm not talking "entitlements" but their rights. Thoughtful and intelligent analysis of alternatives is required and not just sledgehammer economics.

I'll probably get slated for that line of thinking by certain sections of this site, but there you go.

One of the changes I would be in favour of is making people pay adequately for their benefits, but totally taking away their benefits as part of a legal contract is not something I advocate.
 
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