15% Of Your Salary To Be Compulsorily Confiscated

coffee_cake

sock puppet wrote: »

Yes. I too would like all of the benefits of a DC scheme with none of the risks.

Or all the benefits of a DB/DC hybrid with none of the risks
lol

Odysseus

Are they setting up something similar in the UK currently? If so does anyone know how this compares to the system over there?

Tigger

Deleted User wrote: »

Yes the contributory pension will only mean you get the state pension, but do people want to live off of that for the rest of their lives ? what will it be like or worth then ? what will the cost of living be ?

Or will we blame the state for not making us take out our own pension as we blame everyone else for our problems and never accept personal responsibility ?

all a pension is is puting money aaside for the future
i have my own savings and investments that need my money to operate and grow
why on earth should i have to put 15% towards some idiots who will not manage my money as well as i do?

Tigger

Deleted User wrote: »

I love Germany, it's such a sensible place with sensible people that don't bitch and moan all the time

must resist godwin

Tigger

Tigger wrote: »

why on earth should i have to put 15% towards some idiots who will not manage my money as well as i do?

Well For those who can manage their own money that'e great, but what about those who don't ?

I suppose we can't have a system where some have to pay and others not ?

Tigger

Tigger wrote: »

must resist godwin

Then don't start !!!

jam_mac_jam

I think this sounds quite sensible, maybe 15% is a large amount for younger people but pensions should be compulsory.

SafeSurfer

Mr Benevolent wrote: »

Errr... it's a report recommending a course of action. It's not in law. So it won't happen unless it goes into law, which is unlikely. You just made that title up to make it look like the report recommendations have already been adopted. Which they haven't. So you're trying to mislead people.

Again, are you an Indo journalist?

No I am not an indo journalist.

Almost all legislation starts off by expert group reports. You think that these recommendations or something very similar wont be implemented in the next couple of years what do you base this on?

You may remember the €180 communications tax was first floated after a report 18 months ago. This has now been confirmed and will be passed into legislation this year.

Well why not have compulsory pensions ? People on state pensions always moaning about what they can't afford etc, if they had a private pension they may have a better quality of life ?

Don't you still get your state pension even if you have a private pension ? if so isn't that a waste ?

Don't people who lived foreign for years and come back to live, are they still entitled to a state pension ? should we accept this? as they would probably have a pension from another country

Playboy

Well people need to start taking responsibility for their retirement. The baby boomers and public sector have milked the system with their final salary schemes and have left a lot of countries with enormous and unsustainable debt.

I think its actually a crime and people should be locked up for it... how can people saddle their children and grandchildren with their debt while they retired early and go golfing... the opportunity for such a retirement then being denied to the next generations. We will all be working till we are 70, pay a lot more in pension contributions and get a paltry return in comparison.

ilovesleep

Just legalise euthanasia to fcuk.

I always said that don't want to live to be old and hell will freeze over before I pay into a pension fund. Like another user here, I am a low earner and wouldn't be able to pay 15% of my pay. When and if when things do improve I do hope to pay into a private savings account so that when I retire it can give me however long - a few weeks/months of some sort of peace and enjoyment and that's it. When it's gone, just let me die peacefully with the option of euthanasia.

noodler

SafeSurfer wrote: »

What part is misleading?

confiscated past participle, past tense of con·fis·cate (Verb)
Verb
Take or seize (someone's property) with authority.

com·pul·so·ry
/kəmˈpəlsərē/
Adjective
Required by law or a rule; obligatory.
Involving or exercising compulsion; coercive.

The part where you implied that an indo quote from an unpublished OECD report was 100% going to be implemented by the Government.

Do you see now?



BTW, the article also saif that low-earners wouldn't pay into a fund.

Did anybody read it?

ilovesleep

ilovesleep wrote: »

When it's gone and just let me die peacefully with the option of euthanasia.

Am I the only one that sees something seriously wrong with this statement ?

Kristopherus

Deleted User wrote: »

Well why not have compulsory pensions ? People on state pensions always moaning about what they can't afford etc, if they had a private pension they may have a better quality of life ?

Don't you still get your state pension even if you have a private pension ? if so isn't that a waste ?

Don't people who lived foreign for years and come back to live, are they still entitled to a state pension ? should we accept this? as they would probably have a pension from another country

At present, if you have both a Contributory State pension and a Private pension, you pay tax on the combined income. Why would anyone pay 15% of their disposable income, which has already been taxed,towards a private pension, when it will be taxed again. Also a pensioner on the state contributory will also get all the other state benefits free. If they have an additional private pension, the combined income may put them over the guidelines for those benefits.

People who return from abroad get a pension from the country they come back from. If it is less than the Irish Non-contributory pension rate, they may qualify for a top-up to that rate.

Kristopherus

Kristopherus wrote: »

Why would anyone pay 15% of their disposable income, which has already been taxed,towards a private pension, when it will be taxed again.

Good point, I didn't realise that was the case !

coffee_cake

Deleted User wrote: »

Good point, I didn't realise that was the case !

You get tax relief on contributions on the lower rate
So it's a single tax in the end, deferred

Curry Addict

the financial sector have proven they cant manage our money
the government have proven they cant manage the financial sector
ill manage my own money thank you very much!

almighty1

Just to keep it in line with the sensationalist title. Public sector have 10% taken from their pay already......shock horror. :rolleyes:

Xcellor

Esoteric_ wrote: »

... I quit smoking ...

Good stuff.

P_1

Not keen on this idea at all to be honest. Pension schemes have been known to collapse in the past. What guarantees are there in place to ensue that it won't happen again? Nil I'd hazard.

It just strikes me as yet more nanny stateism

ilovesleep

P_1 wrote: »

Not keen on this idea at all to be honest. Pension schemes have been known to collapse in the past. What guarantees are there in place to ensue that it won't happen again? Nil I'd hazard.

It just strikes me as yet more nanny stateism

I was guessing something like this was going to come in. It is not nanny stateism at all. Do you want to know why?

There is a huge black hole in governments books to pay out today's pension entitlements to those in receipt of pensions. The money is not there. It is gone.

So they are introducing this, to take money of today's workers into perhaps a centralised fund, to redistribute it back out again to today's pensioners. I bet many clinging onto celtic tiger contracts with entitlements outlined, over inflated from the boom.

Geuze

Deleted User wrote: »

Don't you still get your state pension even if you have a private pension ? if so isn't that a waste ?

YES, many people will have several pensions. I should have three.

State pension + work pension + very small personal pension.

No, not a waste.

Millions of people across the world have work pensions as well as State pensions. Very common.

Geuze

Kristopherus wrote: »

Why would anyone pay 15% of their disposable income, which has already been taxed,towards a private pension, when it will be taxed again.

You get tax relief of the conts. Think of it as a tax saving, or, at worst, tax deferred.

Kristopherus

Geuze wrote: »

You get tax relief of the conts. Think of it as a tax saving, or, at worst, tax deferred.

You get tax relief at present. That 's no guarantee that you will get relief in the future. The Budget strategy on tax over the past few years has been to leave rates as they currently are, but cut the number & amount of tax reliefs. That's why workers who have received no pay increase since 2008/9 have been paying more tax every year.

IMO if the USC was revamped and a percentage was designated as the workers contribution, then it might ease the pain of paying that contribution.

In any case, the only reason this crazy proposal is being considered is that the National Pension Fund has been raided to death to keep the Banks afloat:mad:

EDIT: Of course the Indo did'nt bother to check if contributions would be tax deductable:rolleyes:.

ScumLord

I never seen the benefit of pensions when they can disappear in an instant. Surely you'd be better off saving it into a standard savings account.

noodler

Kristopherus wrote: »

You get tax relief at present. That 's no guarantee that you will get relief in the future. The Budget strategy on tax over the past few years has been to leave rates as they currently are,

You are correct that it is not guaranteed but imo if they didn't do it in the last budget (they opted for a cap on pension size to which relief contributions can apply instead) then I don't think they are going to decrease it in the future - my main argument being that we are through the majority of the budget consolidation but there are still 60% of Private Sector workers with no pension.

Kristopherus wrote: »

IMO if the USC was revamped and a percentage was designated as the workers contribution, then it might ease the pain of paying that contribution.

If the USC was abolished then we would have to borrow an extra couple of billion a year on top of the 12bn we are borrowing this year.

Kristopherus wrote: »

In any case, the only reason this crazy proposal is being considered is that the National Pension Fund has been raided to death to keep the Banks afloat:mad:

The NPRF was for future social welfare and Public Sector Pensions IIRC. I'm honestly not sure if the State pension is included in that.

Kristopherus wrote: »

EDIT: Of course the Indo did'nt bother to check if contributions would be tax deductable:rolleyes:.

Good question. I'd have no reason to imagine they wouldn't be. The OECD will publish the report soon enough anyway.


Wouldn't there be savings from the State organising this? They'd probably have greater sway over the charges/fees because of the sheer numbers they'd be bringing to the party when they sit down with the fund managers.

sock puppet

noodler wrote: »

Wouldn't there be savings from the State organising this? They'd probably have greater sway over the charges/fees because of the sheer numbers they'd be bringing to the party when they sit down with the fund managers.

I think NEST in the UK is managed through Blackrock.

edit: I think the costs are lower than average too. Some pension providers have complained that it'll take away business from them.

noodler

sock puppet wrote: »

I think NEST in the UK is managed through Blackrock.

edit: I think the costs are lower than average too. Some pension providers have complained that it'll take away business from them.

I probably phrased my initial post badly but obviously I am not under the impression the Irish Government would be managing pension investments for one million Irish workers!.

I don't see how it could take business away in Ireland if these 1m are not involved in a fund to begin with. I'd have thought it was win-win.

Silentcorner

As ridiculous as it may sound.

The public sector should be asked to contribute toward the pensions of those in the private sector...

The 15% should therefore be taken off all employed individuals, plus those in receipt of state benefits...

coffee_cake

Silentcorner wrote: »

As ridiculous as it may sound.

The public sector should be asked to contribute toward the pensions of those in the private sector...

The 15% should therefore be taken off all employed individuals, plus those in receipt of state benefits...

Wtf?