Public sector pension timebomb looms

politicaldonations

Well-known member
Joined
Sep 28, 2006
Messages
681
Given we have an ageing population and many young are now emigrating the public sector pensions have become unsustainable and unjustified. Eddie Hobbs was shouted down on "the Frontline" for mentioning the 100billion already accrued for future public sector pension and with the massive recruitment into PS over past decade this figure will rise much much higher before its peak. The new fat cats of Ireland might find their gold plated pension cant be paid in years to come. I know as a young non PS worker i am not hanging around here to pay massive taxes to keep them on bubble era pay and pensions.

. . . and its pension costs - The Irish Times - Mon, Jan 11, 2010
 


hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
The old fogies that brought us to economic armageddon will get massive pension lump sums with an extra few weeks thrown in for good measure :)

They should in fact be means tested until the exchequer deficit is cleared.

The social welfare old age pension will be targeted first.
 

HughinBandon

Member
Joined
Nov 18, 2008
Messages
57
The old fogies that brought us to economic armageddon will get massive pension lump sums with an extra few weeks thrown in for good measure :)

They should in fact be means tested until the exchequer deficit is cleared.

The social welfare old age pension will be targeted first.
I thought we had a pensions fund set up to cover PS and old age pensions?? I have been personally aware of the possible "pension crisis" for the last 14 years. We should surely have a few bob in the fund by now?
 

Baron von Biffo

Well-known member
Joined
May 16, 2007
Messages
12,067
Given we have an ageing population and many young are now emigrating the public sector pensions have become unsustainable and unjustified. Eddie Hobbs was shouted down on "the Frontline" for mentioning the 100billion already accrued for future public sector pension and with the massive recruitment into PS over past decade this figure will rise much much higher before its peak. The new fat cats of Ireland might find their gold plated pension cant be paid in years to come. I know as a young non PS worker i am not hanging around here to pay massive taxes to keep them on bubble era pay and pensions.

. . . and its pension costs - The Irish Times - Mon, Jan 11, 2010
Just another inaccurate media attack on the PS. Facts out the window because they don't suit the bias.

If PS pensions are so ruinously expensive there's nothing preventing the government from allowing staff to opt out of the scheme. Ever ask yourself why it doesn't?
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
I thought we had a pensions fund set up to cover PS and old age pensions?? I have been personally aware of the possible "pension crisis" for the last 14 years. We should surely have a few bob in the fund by now?
NPRF - last valuation was €22 billion including the €7 billion "investment" in AIB/BOI.
The fear is that a further investment will come from this fund to bail out the FF developer banks Anglo ( €5b ) and Johnny Fingers BS ( €2b )
 

Dreaded_Estate

Well-known member
Joined
Sep 5, 2007
Messages
3,716
Just another inaccurate media attack on the PS. Facts out the window because they don't suit the bias.

If PS pensions are so ruinously expensive there's nothing preventing the government from allowing staff to opt out of the scheme. Ever ask yourself why it doesn't?
Are you disputing that the liability for public sector pensions is around €100bn?
 

DCon

Well-known member
Joined
May 5, 2009
Messages
5,889
Don't worry.

With all the profit NAMA is going to make, there will be more than enough cash!!
 

DCon

Well-known member
Joined
May 5, 2009
Messages
5,889
If PS pensions are so ruinously expensive there's nothing preventing the government from allowing staff to opt out of the scheme. Ever ask yourself why it doesn't?
Staff cannot opt out because their contributions are used to pay the pensions of retired workers.

When today's staff have retired, there will not be enough workers to pay their pensions, so the NPRF should step in. Of course, the NPRF will all be gone to the banks at that stage.
 

HughinBandon

Member
Joined
Nov 18, 2008
Messages
57
NPRF - last valuation was €22 billion including the €7 billion "investment" in AIB/BOI.
The fear is that a further investment will come from this fund to bail out the FF developer banks Anglo ( €5b ) and Johnny Fingers BS ( €2b )
Not nearly enough I'd say. Who the hell had the pension fund in their portfolio. I hope he or she isn't expecting a pension based on that level of competence.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Enjoy the pensions whilst you can must be the motto :)

What do we want - PENSIONS
When do we want them - When we`re 50 please God :)
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Not nearly enough I'd say. Who the hell had the pension fund in their portfolio. I hope he or she isn't expecting a pension based on that level of competence.
If they play blackjack (?) they could double the fund overnight :)

or if they give it to the 50% OWNER of the BT account they could bet it on the nags over in Manchester and make substantial profits :)
 

politicaldonations

Well-known member
Joined
Sep 28, 2006
Messages
681
In other words it's a staff funded scheme.
Only because theres so little retirees relative to current workers. They balance at this moment in time but not for long, When the numbers retired increase over next decade the amount paid out will far excess the amount paid by existing workers in any given year,
 

HughinBandon

Member
Joined
Nov 18, 2008
Messages
57
If they play blackjack (?) they could double the fund overnight :)

or if they give it to the 50% OWNER of the BT account they could bet it on the nags over in Manchester and make substantial profits :)
Ah, nothing to worry about then :D:D
 

DCon

Well-known member
Joined
May 5, 2009
Messages
5,889
Employer contribution to pension schemes is quite normal.
There is no scheme. It will be a cash payment to retirees. The fund will not cover the obligations.

You know this. Why are you being so awkward?
 

Baron von Biffo

Well-known member
Joined
May 16, 2007
Messages
12,067
Only because theres so little retirees relative to current workers. They balance at this moment in time but not for long, When the numbers retired increase over next decade the amount paid out will far excess the amount paid by existing workers in any given year,
The amount of the employee contribution is constantly rising. Nastys like Benchmarking II and the so called pension levy make it very expensive. Lenihan's USC next year will push up the cost again while likely increases in PAYE will reduce the real value further.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Why is the pension guaranteed. Why cant we change it to the vagries of the market tomorrow ?

Can we do it under FEMPI legislation that was enacted last year :)
 


New Threads

Popular Threads

Most Replies

Top