Suckers happy to pay for bankers pensions!

B

birthday

Almost 3,000 bank staff earn over

It appears that over 3000 staff in the bailed-out banks earn more than €100k.
Many earn between €60 and €100k.

It seems many commentators and politicians have criticised the pension payouts to senior bankers only but seem
to ignore the elephant in the room which is that the DB pension schemes in the two main banks have been bailed out by the taxpayer. Staff in these schemes had been contibuting 0-3% to retire on 2/3rds final salary and are now asked to pay a paltry 5.5%.
The sucker taxpayers have to make up the rest! Home help hours for elderly are being cut so that bank staff in DB scheme can retire at 2/3rds final salary funded by the taxpayer

Why has no politician been able to move beyond the 'senior banker elite' when it comes to taxpayer funding of bank pensions?
Yesterday, Sinn Féin published legislation seeking to impose a 99% charge on pension payments in excess of €100,000 per year for all bank officials who retired from the covered institutions after the introduction of the banking guarantee of 2008.

What sort of an idea is that? So, according to SF a taxpayer funded pension of €100k is ok, but a penny more is not ok?


The state (taxpayer) has no role in the private pension arrangements of ANY bank staff-managers or ordinary staff.
The state should must insist that all money from taxpayer put into pension funds is repaid.
This could be collected as a 10% solidarity levy on all DB scheme members in bailed out banks.

The DB staff were not paying enough. Their employers went bust ( or were prevented from so doing by the taxpayer).
The taxpayer has no role in paying for their generous DB schemes.
If they want to retire on 2/3rds of very high salary then they must pay for this themselves.

Why did Waterford Crystal workers not get bailed out?

/MOD/ This thread merged here: http://www.politics.ie/forum/current-affairs/201371-167-retired-bankers-get-pensions-over-100k.html /MOD/
 
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NewDawn1

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More proof that 'Ireland' is again nothing more than a dominion, only this time its financial and its the EU rather than Britain.
 

tigerben

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The bankers need the money for the FF and FG fundraisers they attend , if pensions and pay are cut, how can they contribute? Political parties need friends with deep pockets, how else can they fund the lies, and pay for billboards to enforce the lie???
 

ticketyboo

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Almost 3,000 bank staff earn over

It appears that over 3000 staff in the bailed-out banks earn more than €100k.
Many earn between €60 and €100k.

It seems many commentators and politicians have criticised the pension payouts to senior bankers only but seem
to ignore the elephant in the room which is that the DB pension schemes in the two main banks have been bailed out by the taxpayer. Staff in these schemes had been contibuting 0-3% to retire on 2/3rds final salary and are now asked to pay a paltry 5.5%.
The sucker taxpayers have to make up the rest! Home help hours for elderly are being cut so that bank staff in DB scheme can retire at 2/3rds final salary funded by the taxpayer

Why has no politician been able to move beyond the 'senior banker elite' when it comes to taxpayer funding of bank pensions?
Yesterday, Sinn Féin published legislation seeking to impose a 99% charge on pension payments in excess of €100,000 per year for all bank officials who retired from the covered institutions after the introduction of the banking guarantee of 2008.

What sort of an idea is that? So, according to SF a taxpayer funded pension of €100k is ok, but a penny more is not ok?


The state (taxpayer) has no role in the private pension arrangements of ANY bank staff-managers or ordinary staff.
The state should must insist that all money from taxpayer put into pension funds is repaid.
This could be collected as a 10% solidarity levy on all DB scheme members in bailed out banks.

The DB staff were not paying enough. Their employers went bust ( or were prevented from so doing by the taxpayer).
The taxpayer has no role in paying for their generous DB schemes.
If they want to retire on 2/3rds of very high salary then they must pay for this themselves.

Why did Waterford Crystal workers not get bailed out?
No argument with that, birthday.
All I can say in SF's defence is that alone of the political parties, SF's pre-budget proposals for a couple of years at least has been to tackle the myriad of tax reliefs which benefit disproportionately the better off.
 

hammer

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Scandalous.

As a matter of interest how many public servants / employees of State Companys earn more than €100,000 also.
 

Furze

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777
Almost 3,000 bank staff earn over

It appears that over 3000 staff in the bailed-out banks earn more than €100k.
Many earn between €60 and €100k.

It seems many commentators and politicians have criticised the pension payouts to senior bankers only but seem
to ignore the elephant in the room which is that the DB pension schemes in the two main banks have been bailed out by the taxpayer. Staff in these schemes had been contibuting 0-3% to retire on 2/3rds final salary and are now asked to pay a paltry 5.5%.
The sucker taxpayers have to make up the rest! Home help hours for elderly are being cut so that bank staff in DB scheme can retire at 2/3rds final salary funded by the taxpayer

Why has no politician been able to move beyond the 'senior banker elite' when it comes to taxpayer funding of bank pensions?
Yesterday, Sinn Féin published legislation seeking to impose a 99% charge on pension payments in excess of €100,000 per year for all bank officials who retired from the covered institutions after the introduction of the banking guarantee of 2008.

What sort of an idea is that? So, according to SF a taxpayer funded pension of €100k is ok, but a penny more is not ok?


The state (taxpayer) has no role in the private pension arrangements of ANY bank staff-managers or ordinary staff.
The state should must insist that all money from taxpayer put into pension funds is repaid.
This could be collected as a 10% solidarity levy on all DB scheme members in bailed out banks.

The DB staff were not paying enough. Their employers went bust ( or were prevented from so doing by the taxpayer).
The taxpayer has no role in paying for their generous DB schemes.
If they want to retire on 2/3rds of very high salary then they must pay for this themselves.

Why did Waterford Crystal workers not get bailed out?
Is the legislation not Fianna Fail sponsored ?

http://www.politics.ie/forum/economy/200590-fianna-fail-publish-legislation-reduce-bankers-pensions-print.html?pp=40
 
B

birthday

Why just senior bankers?
Why not ask ALL DB scheme staff in bailed out banks to pay for their own pension.
Pension schemes of BOI and AIB were both under water to the tune of over €1 billion each in 2009.
What role has the taxpayer in this?
Why are home help hours for the elderly being cut to fund ANY pension in the bank?
The DB staff have never contributed properly and still do not make a realistic pension contribution to their OWN pensions?

Public servants get at most 50% of final salary and now must contribute 15%.

Bank staff in DB scheme get 66% and contribute 5.5%

Go figure!
Are public servants idiots? Are private sector workers outside banks idiots to pay for this?
 

tigerben

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Messages
4,576
Scandalous.

As a matter of interest how many public servants / employees of State Companys earn more than €100,000 also.

Reading the newspapers everyone it seems, listening to union reps only a handful !
 

Ulster-Lad

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I suppose we are borrowing money for this as well or cutting something else??

Ireland will invest over E17 million a year in European Space programmes in the coming years, the Minister for Research and Innovation, Sean Sherlock told the European Space Agency Ministerial Council in Naples today.​
BUSINESS WORLD - Ireland to invest E17m a year in space
 

Howya

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Scandalous.

As a matter of interest how many public servants / employees of State Companys earn more than €100,000 also.
Indeed - and the taxpayer will be funding the db pensions for that group as well.
 

Picasso Republic

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The public do not elect Governments and pay their taxes only to see a wealthy clique enriched by those elected to serve them. Recent Governments in Ireland would appear to have detached themselves mentally from where Government revenue is actually coming from and what their responsibilities to the electorate actually are.

There should be strict limits to the size of pension fund contributions made by State, Semi State and State Bailed Out Companies. Combined with this, there should be strict limits on the maximum size of pension payable by The State, Semi State and State Bailed Out Companies.

All pensions over and above the basic State provided Contributory Old Age Pension should be contributory and across the board legislation needs to be enacted to have a standard PRSA type contribution across all sectors both Public and Private (a mandatory 6% or 7% of gross salary matched by the employer). The State would also need to put in place a system for seamless transfer or continuation of payments when a person changes job. A novel system could be to put the system under State Agency control and have the fund invest in Irish Government Bonds.


As with the Private Sector, there should be no restrictions on the amount of money a person can pay from their Net Salary (after taxes) into a Private Pension Fund or purchase additional property for rental etc – this should be a standard right of any individual.


However The State should not pay a pension of over €100K per year to anyone – index linked to 2012. Anyone wanting more should simply set aside some of their current salary and invest in a private scheme.


Where individuals qualify for multiple State funded pensions (as we see with our political class) the maximum combined total should not exceed €100K per year. It’s a very simple logic, The State should pay no more than €100K per year to any retired person.


Golden Parachutes on retirement from senior Government appointed positions should also be outlawed – this Government approved practice is bordering on misuse of State funds.
 

Lassie

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a conservative estimate is 3000 x 100,000 = 300,000,000 thats 300 million plus those you are paid more and slightly less per annum.
 

Potatoeman

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Almost 3,000 bank staff earn over

It appears that over 3000 staff in the bailed-out banks earn more than €100k.
Many earn between €60 and €100k.

It seems many commentators and politicians have criticised the pension payouts to senior bankers only but seem
to ignore the elephant in the room which is that the DB pension schemes in the two main banks have been bailed out by the taxpayer. Staff in these schemes had been contibuting 0-3% to retire on 2/3rds final salary and are now asked to pay a paltry 5.5%.
The sucker taxpayers have to make up the rest! Home help hours for elderly are being cut so that bank staff in DB scheme can retire at 2/3rds final salary funded by the taxpayer

Why has no politician been able to move beyond the 'senior banker elite' when it comes to taxpayer funding of bank pensions?
Yesterday, Sinn Féin published legislation seeking to impose a 99% charge on pension payments in excess of €100,000 per year for all bank officials who retired from the covered institutions after the introduction of the banking guarantee of 2008.

What sort of an idea is that? So, according to SF a taxpayer funded pension of €100k is ok, but a penny more is not ok?


The state (taxpayer) has no role in the private pension arrangements of ANY bank staff-managers or ordinary staff.
The state should must insist that all money from taxpayer put into pension funds is repaid.
This could be collected as a 10% solidarity levy on all DB scheme members in bailed out banks.

The DB staff were not paying enough. Their employers went bust ( or were prevented from so doing by the taxpayer).
The taxpayer has no role in paying for their generous DB schemes.
If they want to retire on 2/3rds of very high salary then they must pay for this themselves.

Why did Waterford Crystal workers not get bailed out?
They could have stipulated this as a condition of the bailout when they where issuing it but they didn’t. It is also ridiculous considering what they pay some public/civil servants. I also don’t see them proposing cutting their own salaries in fact FF are they ones that consistently increased their own pay.
Don’t forget it was the financial regulator that should have enforced regulation on Anglo if he did they would not need bailed out.
 

NewDawn1

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No argument with that, birthday.
All I can say in SF's defence is that alone of the political parties, SF's pre-budget proposals for a couple of years at least has been to tackle the myriad of tax reliefs which benefit disproportionately the better off.
Sinn Fein are still pro Europe though. Pro a currency which is not even ours. Do you even know that?
 

firefly123

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The indo published a list recently enough giving a breakdown. I believe 3000 are earning greater than 100k. If you are PS with a wage of 100k your pension will be 50k so you would have to be earning 200k to get a 100k pension. I don't know how many PS are earning that. That list didn't include semi states as I recall but they are not covered by Croke park.
If anyone has a link to that list please stick it up. Thanks.
 

shiel

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All this high flier stuff was decided during the Celtic tiger period by the insider elite.

Most of the commentators were acting as cheer leaders then.

Many of these commentators are now complaining.

The hypocrisy is breathtaking.
 

Beaker

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Banking, and so called 'Financial services' is an elegant and effecient method to improvish the majority of the worlds citizens, and to enrich the few.

Ever get envious of that guy driving a large Merc, with a penthouse apartment, jetting off here and there.... well he's doing it with your money! Money is finite, if someone has excess, then thats because someone else has none... its been 'reappropriated'.

Take pension schemes, win or loose, increase in value, or becoming worthless, the bankers and 'financial' wiz kids cannot loose! They take a percent of every penny you invest, and if the value increases, pay themselves massive bonuses, and if it bombs, well then they just have your % fee anyway.... they cannot loose..

The world is moving back to the days of Kings, Queens and pesents and slavery... its much more subtle, and most people are dazzeled (i.e. confused and hoodwinked) and admire, and aspire the rich and famous...... not realising that its all happening with YOUR money.....

So don't worry about your gas bills, or the high prices of transport, healthcare, or lack of services..... because at least this money is providing a few swimming pools, fast cars, diamonds, charlie partys and champagne to the royal few......
 

Potatoeman

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Banking, and so called 'Financial services' is an elegant and effecient method to improvish the majority of the worlds citizens, and to enrich the few.

Ever get envious of that guy driving a large Merc, with a penthouse apartment, jetting off here and there.... well he's doing it with your money! Money is finite, if someone has excess, then thats because someone else has none... its been 'reappropriated'.

Take pension schemes, win or loose, increase in value, or becoming worthless, the bankers and 'financial' wiz kids cannot loose! They take a percent of every penny you invest, and if the value increases, pay themselves massive bonuses, and if it bombs, well then they just have your % fee anyway.... they cannot loose..

The world is moving back to the days of Kings, Queens and pesents and slavery... its much more subtle, and most people are dazzeled (i.e. confused and hoodwinked) and admire, and aspire the rich and famous...... not realising that its all happening with YOUR money.....

So don't worry about your gas bills, or the high prices of transport, healthcare, or lack of services..... because at least this money is providing a few swimming pools, fast cars, diamonds, charlie partys and champagne to the royal few......
This is why banks are regulated to prevent them acting in a way that damages the economy. The regulation needs to be enforced though.
People also need to take responsibility for their own decisions. There are far too many people that borrowed large amounts of money to buy crappy houses/apartments spouting this crap. It’s capitalism on the way up and socialise on the way down.
 
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Beaker

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This is why banks are regulated to prevent them acting in a way that damages the economy. The regulation needs to be enforced though.
People also need to take responsibility for their own decisions. There are far too many people that borrowed large amounts of money to buy crappy houses/apartments spouting this crap. It’s capitalism on the way up and socialise on the way down.
Globally, the regulation of banks is at best, minimal. Governments see the success of the industry, and view the taxation of such actions as a veritable cash cow, so they dont rock the boat. The activities of the financial institutions are largely antisocial, so profits form the industry are imoral.

In history, the actions of pirates was sactioned by governments as profiteers, as the governments benefited in turn. History is repeating itself with the global activities of banking and so called 'financial services'.....
 

kkkkkkkkkk

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167 retired bankers get pensions over 100k

167 retired bank staff on pensions over

AIB had 88 people in receipt of pensions over €100,000
(you gave AIB 13 billion of bail)
Bank of Ireland had 52 people in receipt of pensions over €100,000
IBRC had 16 over €100,000
(you gave Anglo 25 billion bail out)
Permanent TSB had 11 on over €100,000


another bill for you to pay
while they sit back and enjoy their big pensions
when are are going to tackle those fat rats
these banksters are running rings around us

we are a very ignorant people
we deserve everything we get
 


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