Public Sector Pensions

LuasSimon

I see there’s a strike going ahead in UK universities over lecturers pension contribution going from 8% to 9.6 % in January and up to 11% in 2021 . Apparently university bosses have to pay 21% pension contribution to get their defined benefit pension .
Do Irish lecturers or indeed public servants contribute to this defined benefit pension Irish public servants get ??

Riskymove

LuasSimon wrote: »

Do Irish lecturers or indeed public servants contribute to this defined benefit pension Irish public servants get ??

yes

currently approx. 14% for pre 2013 entrants as well as PRSI/USC as State pension is "incorporated into the pension"

those since 2013 are on the Single Scheme which is a more complicated pension based on average yearly income

Geuze

PS pension conts in Ireland are as follows:

6.5% normal contribution

Extra PRD introduced in 2009 of 10% / 10.5%

So a 16.5% contribution is typical.

Note that it is a bit more complicated than that.

Thelonious Monk

Don't we usually wait for recessions to fully kick in before we full on attack anything to do with civil/public service?

Geuze

Cont rates to the USS in the UK, by the staff and employers:

From April 2016 = 8% ee + 18% er = 26%


2018-2019 = 8.8% ee + 19.5% er

2019-2021 = 9.6% ee + 21.1% er

2021 onwards = 11.0% ee + 23.7% er = 34.7%

Geuze

Already the largest private pension scheme in the UK by way of assets (£64bn, 31 March 2018), USS is the first hybrid pension scheme to achieve Master Trust authorisation from the Pensions Regulator.

The USS Investment Builder (the scheme’s Defined Contribution section) launched in October 2016 and now has more than £700m in assets and 84,000 members – all of whom are also members of the scheme’s Defined Benefit section (£64bn in assets, c.400,000 members).

So the USS is a combined DB+DC scheme.

Geuze

Geuze wrote: »

PS pension conts in Ireland are as follows:

6.5% normal contribution

Extra PRD introduced in 2009 of 10% / 10.5%

So a 16.5% contribution is typical.

Note that it is a bit more complicated than that.

That's a total lie.

The threshold for the PRD is €29,000.
Someone on €50,000 pays about 8% in pension contibutions

uck51js9zml2yt

salonfire wrote: »

That's a total lie.

The threshold for the PRD is €29,000.
Someone on €50,000 pays about 8% in pension contibutions

No one pays prd anymore.



We pay as.. additional superannuation contribution.

Raconteuse

Thelonious Monk wrote: »

Don't we usually wait for recessions to fully kick in before we full on attack anything to do with civil/public service?

Not here.

oh i could go figure it out i spose but its hard to find the motivation for an OP that doesnt even bother to find out whether we pay any contribution at all.

id be sure to include my prsi

might even work out what % of my paye i should consider as paying towards PS pensions and add that in too.

i mean, considering how any miserable git who ever put a cent of their own tax into the pool seems to weight it so heavily, it only seems fair to account as tightly on this side.

MyStubbleItches

[Deleted User] wrote: »

oh i could go figure it out i spose but its hard to find the motivation for an OP that doesnt even bother to find out whether we pay any contribution at all.

id be sure to include my prsi

might even work out what % of my paye i should consider as paying towards PS pensions and add that in too.


i mean, considering how any miserable git who ever put a cent of their own tax into the pool seems to weight it so heavily, it only seems fair to account as tightly on this side.

Hi. We all pay PRSI.

MyStubbleItches

MyStubbleItches wrote: »

Hi. We all pay PRSI.

hi, of course we do. thats hardly the point.

as i said , if youre of a mind to count your contributions towards prsi, usc, paye as "paying public sector pensions"

(which you absolutely should, obviously)

then you will of course allow whatever % thus allotted should be, in a public servants paypacket, considered as their paying towards their pension.

i mean, that's just logic.

Gumbo

MyStubbleItches wrote: »

Hi. We all pay PRSI.

Yes. A private sector employee pays PRSI towards their state pension.
A Public Sector employee also pays PRSI towards their state pension which is incorporated into their PS pension, not added on.