Would you be ok with the government taking control of your pension for 20 years?

Irish Slaves for Europe

This question is to people under the age of 40. Would you be ok with the government using your pension fund instead of borrowing money from the EU at the punitive interest rate we currently have? Then at the end of the 10 years the government would start to return the funds to you and you would receive the full amount back in 20 years time plus 2% annual interest. It would mean the country would save tens of billions over the next 10 years. It would also result in lower taxes for you. It would bring confidence back to the economy and get people spending money again. It would give banks the confidence to start lending money to businesses again to help them grow.

I'm 28 and have about 14k in my pension fund. I would love it if the government did such a scheme. For me, it seems that without the government doing something drastic like this we will continue to lose jobs, see wealth decline and return to the bad old days of the 80's. I take the view that I will not need my pension until 25 years time anyway so it makes no difference to me if the government wants to temporarily use my money to help us get out of this situation we're in. My pension fund has performed poorly since the start really so its not like I would be losing out on massive interest rates or anything. There would obviously need to be a guarantee in place that the government will return the full amount to you plus the 2% interest mentioned in 20 years time.

If the government don't want to make such a scheme mandatory, they could at least give you the option to give permission to them to use your pension on an individual basis.

So who would be up for temporarily giving the government your pension?

tagoona

After the mess this government and the previous government have made of the country, why would you grant authority to civil servants you don't elect, while thinking that you're giving it to the current bunch of plonkers whose main worry is elections every four years.

tl;dr
No way in hell

The J Stands for Jay

No way.

This government have already shown they know nothing about pensions. The National Pension Reserve Fund has been spent; will we ever get it back? They've stolen 0.6% of everyone's pension (except their own and everyone in the public service) to pay for a VAT reduction which hasn't decreased prices like it was supposed to. They are trying to reduce tax relief on pension contributions. This one really shows they don't have a clue. It's not even tax relief, it's just deferring tax to a later date. They're trying to it pointless for anyone to provide for their own future.

Also, a pension is a long-term investment, up to 40 years, whereas there's never been a politician in this country who can think beyond a 4 year period.

And 2% a year would mean you're losing money every year to inflation.

tl;dr No, they're a bunch of wingnuts.

Irish Slaves for Europe

You folks are thinking about it the wrong way. We, the Irish taxpayers, have debts of over 200 billion. Whether you like it or not thats the case, it doesn't matter how we got into the situation, we have to pay back these debts one way or another. Now, to do that we can continue to borrow money at 6% interest rates, which will result in billions being paid in interest per year, which we have to pay through increased taxes. Or we can use our own money to pay back these debts at 0% interest rates. To me its a no brainer.

Irish Slaves for Europe

Keep voting, I wanna show Enda that the Irish people are fully behind my idea.

amacca

Irish Slaves for Europe wrote: »

Keep voting, I wanna show Enda that the Irish people are fully behind my idea.

you sure you want them to?

looks like you wont be showing Enda this poll if the results so far are anything to go by

jimmycrackcorm

If we're not prepared to invest in our own country then I don't see why anyone else would.

The idea is basically good but there are two points to consider : would you get the same rate of return as your normal pension investment and would the money be used on a worthwhile manner such as infrastructure.

Irish Slaves for Europe

jimmycrackcorm wrote: »

The idea is basically good but there are two points to consider : would you get the same rate of return as your normal pension investment and would the money be used on a worthwhile manner such as infrastructure.

No you are not likely to get the same rate of return as you would on your normal pension, but on the whole you will be better off because we won't be paying extortionate interest rates to the EU.

And to your second question, again no, the money would be used to pay off our debts as soon as possible. The sooner we pay them off the less interest we pay, the sooner confidence comes back to the economy and growth begins again. So once the debts are paid off then investments can be made in our infrastructure again.

syklops

I voted yes, but then Im not planning on relying on my state pension.

Phill Ewinn

What pension?

Irish Slaves for Europe

Irish Slaves for Europe wrote: »

You folks are thinking about it the wrong way. We, the Irish taxpayers, have debts of over 200 billion. Whether you like it or not thats the case, it doesn't matter how we got into the situation, we have to pay back these debts one way or another. Now, to do that we can continue to borrow money at 6% interest rates, which will result in billions being paid in interest per year, which we have to pay through increased taxes. Or we can use our own money to pay back these debts at 0% interest rates. To me its a no brainer.

SEAN QUINNS DEBTS ARE NOT MY DEBTS

ANGLO IRISH BANKS DEBTS ARE NOT MY DEBTS

IT SHOULDNT BE MY PROBLEM - DEFAULT TO HELL WITH THEM

Frank Black

Of course we should give them our privately funded pensions.

How else will they be able to pay themselves their publicly funded ones?

Irish Slaves for Europe

Deleted User wrote: »

SEAN QUINNS DEBTS ARE NOT MY DEBTS

ANGLO IRISH BANKS DEBTS ARE NOT MY DEBTS

YES THEY ARE!!! AS LONG AS YOU ARE AN IRISH CITIZEN THEY ARE YOUR DEBTS. YOU HAVE TO PAY BACK THOSE DEBTS THROUGH MASSIVE TAX INCREASES IN THE COMING YEARS UNLESS MY IDEA IS IMPLEMENTED.