PS: Early retirement (29th Feb) vs Increments

Godge

n97 mini wrote: »

Out of a workforce of 1.7 million.

While there were about 1,100 defined benefit schemes in 2010, there were 75,000 defined contribution schemes.

DB is in the tiny minority. To say otherwise is like saying rural dwellers subsidise urban waste water schemes.

Actually, looking back I didn't include the full figures.

568,488 in a defined benefit pension scheme of one kind or another.
266,909 in a defined contribution pension scheme of one kind or another.


568,488 of 1.7 million is about one third, hardly a tiny minority. Adding in the defined contribution brings you over 50%.

I am not sure that every pension scheme is registered with the Pensions Board, particularly PRSAs so there may be some more out there.

amen

assuming they took a 10% paycut their pension

but no Public/Civil Servant did despite what they say. They took a 10% pay cut from their NET salary in that they now pay a 10% contribution to their pension but their GROSS salary never changed. The Pension is calculated on their GROSS Salary.

n97 mini

Godge wrote: »

568,488 in a defined benefit pension scheme of one kind or another.

I presume you're counting in Public Sector now?

martian1980

n97 mini wrote: »

I presume you're counting in Public Sector now?

I presume your workforce figure of 1.7 million included people with no pension at all, aside from the state one. Hardly fair to include them when we're looking at the percentage of pension plans in the country

n97 mini

martian1980 wrote: »

I presume your workforce figure of 1.7 million included people with no pension at all, aside from the state one. Hardly fair to include them when we're looking at the percentage of pension plans in the country

I don't think it's unfair to look at the workforce as a whole when discussing pensions. Every worker will eventually be on a pension.

martian1980

n97 mini wrote: »

I don't think it's unfair to look at the workforce as a whole when discussing pensions. Every worker will eventually be on a pension.

I do, since the number of workers on DB versus DC schemes was what was being discussed

n97 mini

martian1980 wrote: »

I do, since the number of workers on DB versus DC schemes was what was being discussed

What was being discussed was increments vs early retirement in the PS.

Hotblack Desiato

amen wrote: »

but no Public/Civil Servant did despite what they say. They took a 10% pay cut from their NET salary in that they now pay a 10% contribution to their pension but their GROSS salary never changed. The Pension is calculated on their GROSS Salary.

Totally WRONG, you are referring onlt to the so-called 'pension levy' which was a disguised pay cut.
An actual pay cut between 7-14% (depending on salary) was applied on top of the pension levy later.

Geuze

Yes, all PS workers took a cut to gross wages, as well as paying a pension levy (PRD) on top of the normal pension contributions.

Geuze

http://www.cso.ie/en/media/csoie/releasespublications/documents/labourmarket/2009/qnhs_pensionprovisionQ409.pdf


CSO QNHS on pension coverage.

Riskymove

amen wrote: »

but no Public/Civil Servant did despite what they say. They took a 10% pay cut from their NET salary in that they now pay a 10% contribution to their pension but their GROSS salary never changed. The Pension is calculated on their GROSS Salary.

PS pensioners now pay a levy on their pension, so they will see a reduction in the pension

Geuze

Yes, pre-existing PS pensioners took a cut/levy called the PRD.

In my opinion, this levy needs to be increased.