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Public Sector Pensions - One Giant Pyramid Scheme

Dunlin3

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Jan 31, 2009
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From watching Pat Kenny's programme last night it finally occurred to me that public sector pensions are just one giant pyramid scheme. On a rough calculation I reckon it takes all the tax (including VAT) from at least 10 workers on average salaries each year just to pay Roddy Molloy's annual pension. Obviously this is unsustainable and the pensions of senior public sector workers will have to be reduced drastically.
 


DCon

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May 5, 2009
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From watching Pat Kenny's programme last night it finally occurred to me that public sector pensions are just one giant pyramid scheme. On a rough calculation I reckon it takes all the tax (including VAT) from at least 10 workers on average salaries each year just to pay Roddy Molloy's annual pension. Obviously this is unsustainable and the pensions of senior public sector workers will have to be reduced drastically.
The government will not do it.

The CEO's who do nothing are "entitled" to these don't you know?

Why can backbench TD's be CEO's/board members of all the quango's? No extra cash for doing this. It should be seen as a learning opportunity that will help them if they are ever promoted to the front bench.

It would disallow the government from claiming ignorance of course, which is why it will never happen.
 

Dunlin3

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And Bertie's multiple pensions will take the total tax take from about 20 workers on average salaries to pay his annual pensions when he retires. Salaries for life, it's a great country for some, no doubt about it.
 

Raketemensch

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Remember, we are generally paying them to leave without suing the state:lol:. This is money well spent
 

X-ray

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Jan 17, 2009
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It is quite true that lower and middle income PS workers do very badly out of the pensino scheme, the higher ones do very well. It is a joke of a scheme. Opting out should be allowed, all the lower grades would walk and leave the higher ones in the poo.
 

DCon

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It is quite true that lower and middle income PS workers do very badly out of the pensino scheme, the higher ones do very well. It is a joke of a scheme. Opting out should be allowed, all the lower grades would walk and leave the higher ones in the poo.
Why do lower and middle income workers put up with this?

Why are they not clamouring to their unions?
 

the klingon

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Jun 9, 2007
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Why do lower and middle income workers put up with this?

Why are they not clamouring to their unions?
Their religion doesn't allow it. If the Priest (shop steward) or the saviour (Union boss) do not call for it the sheeple have no way to call for it.
 

Rebel CNC

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Apr 2, 2007
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Why do lower and middle income workers put up with this?

Why are they not clamouring to their unions?
Because the fact is the middle income bracket who make up the vast majority of the PS do very well out of the pension scheme too.
 

Louth Planner

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Jan 14, 2008
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It will not be possible to change the pension entitlements (downwards) for existing members, however, the existing scheme should be closed immediately to new members and a new defined contribution scheme put in place for new recruits. This is what is happening wholesale in the private sector. There is still someway to go but the private sector are getting there.
 

Cassandra Syndrome

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From watching Pat Kenny's programme last night it finally occurred to me that public sector pensions are just one giant pyramid scheme. On a rough calculation I reckon it takes all the tax (including VAT) from at least 10 workers on average salaries each year just to pay Roddy Molloy's annual pension. Obviously this is unsustainable and the pensions of senior public sector workers will have to be reduced drastically.
That program last might made the most vicious battles in the Colloseum look like the Teddy Bear's picnic.

Public V Private Sector, are you ready to rumble.........
 

Derekdoom

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Sep 24, 2009
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Its a disgrace but not a patch on the bonus culture that is pervasive in the private sector even during a period of mass lay-offs and corportate restructuring. I agree that the payments being recieved by high ranking public servants are scandalous but we have to put it into perspective and make sure that these one-off cases don't bolster the present public-sector scapegoating hysteria. And no I don't work in the public sector, but I believe that my taxes pay for civilization and I'm convinced that the present economic climate is being used to advance an anti-'public' agenda that has its roots in the new right project of the 1980s. The bonus culture generally is what should be at issue.
 

X-ray

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Why do lower and middle income workers put up with this?

Why are they not clamouring to their unions?

Firstly without wanting to sound like a smart ars* the unions dont run the pension or the pension levy, the state does.

Ask any person in an ordinary job in the PS about their pension and they almost need to be sedated. I am not sure how much more anger we could show. The whole thing is a shambles from beginning to end.

Nobody listens, literally, they will not listen, the mind is made up, we are on "gold plated" pension. Eddie Hobbs said so, so it must be true. Eddie Hobbs also said to invest all you money in his property scheme a couple of years ago. I wonder how that worked out?

Short of strike nobody cares what we think about anything. Strike will destroy the country. What do you do? Scream louder?
 

zakalwe1

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Oct 3, 2008
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Firstly without wanting to sound like a smart ars* the unions dont run the pension or the pension levy, the state does.

Ask any person in an ordinary job in the PS about their pension and they almost need to be sedated. I am not sure how much more anger we could show. The whole thing is a shambles from beginning to end.

Nobody listens, literally, they will not listen, the mind is made up, we are on "gold plated" pension. Eddie Hobbs said so, so it must be true. Eddie Hobbs also said to invest all you money in his property scheme a couple of years ago. I wonder how that worked out?

Short of strike nobody cares what we think about anything. Strike will destroy the country. What do you do? Scream louder?
a private company is prohibited by law from operating a pension scheme like the govt.

firstly to prevent raiding of the fund by the company in a time of need (as is the case with the govt and the NTMA fund which has been used as a slush fund to keep the banks afloat with no guarantee the money is not totally lost).

secondly to prevent the company from paying benefits from current expenditure, for very obvious reasons i don't need to go into.

the public sector pensions are fecked in the medium to long term...there's no way the taxpayer can afford the annual benefit payments. the ps should have "privatised" (i.e. independently run by a board of trustees appointed by its members) their pension funds in the good times.
 

wexfordman

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Nov 19, 2006
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A private company is also prohibited by law from conjuring up spurious deductions from staff pay to plug holes in the balance sheet.
Really, what law would that be, care to point it out ?
 

Baron von Biffo

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May 16, 2007
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12,056
From watching Pat Kenny's programme last night it finally occurred to me that public sector pensions are just one giant pyramid scheme. On a rough calculation I reckon it takes all the tax (including VAT) from at least 10 workers on average salaries each year just to pay Roddy Molloy's annual pension. Obviously this is unsustainable and the pensions of senior public sector workers will have to be reduced drastically.
If the PS pension scheme costs too much, why wont the government allow staff the right to opt out of it?
 


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