Bass Reeves wrote: » All public servants pay 10% PRD( pension related deduction) on salary over 26K/year. he have been paying about 2500/year in a PRD deduction. It worse for HSE staff who were paying a pension deduction already prior to the 2010 bail out. Admittily they are only pay it 10 years. However in 20 year time staff retiring from the public service will have paid more into a pension pot than they get out maybe even before an employer contribution. This is especially true for staff on income in the 40-50K bracket especially with average income based pensions.
S.M.B. wrote: » That's what it sounded like so I must be missing something. Combined with the claim that some 'will have paid more into a pension pot than they get out' this has left me very confused.
Dodge wrote: » None of this figures add up. It’s best to leave it alone IMOIt is true that some public servants will end up paying in more than they get out now, particularly on the lower scale Crude example here but someone was recruited post 1994 who works 40 years and has a final salary (for pre 2013) or average annual salary (for post 2013) of €40,000 per year will have an occupational pension of circa €7,500 They’ll also have the state pension of €12,500. Leaving them with a pension ‘package’ of €20,000 per annum (and a €60k lump sum) To get their lump sum and their €7,500 a year they’re currently paying about 15% of their salary in pension payments (inc the PRD) Not suggesting it’s poor mouth stuff either fwiw
S.M.B. wrote: » By 'get out' do you just mean what they are likely to see in actual cash in their pocket each year before they die? Or the pension package they 'get' at retirement? Because those numbers don't seem drastically different to what I would expect someone paying into a private pension would expect from an annuity.
Dodge wrote: » It’s not drastically different. I think some people think it is drastically different (in favour of public servants) Anyway, loathe to get into a public v private argument as they pop up here all the time.
S.M.B. wrote: » Because those numbers don't seem drastically different to what I would expect someone paying into a private pension would expect from an annuity.
Jim2007 wrote: » OK, I'm not at all familiar with public servants pensions... are you saying he paid 2.5pa for 22 years for sum total of 55k, then got a €42k lump sum + €6.9K a year there after.... That does not really seem likely....
Dodge wrote: » None of this figures add up. It’s best to leave it alone IMO It is true that some public servants will end up paying in more than they get out now, particularly on the lower scale Crude example here but someone was recruited post 1994 who works 40 years and has a final salary (for pre 2013) or average annual salary (for post 2013) of €40,000 per year will have an occupational pension of circa €7,500 They’ll also have the state pension of €12,500. Leaving them with a pension ‘package’ of €20,000 per annum (and a €60k lump sum) To get their lump sum and their €7,500 a year they’re currently paying about 15% of their salary in pension payments (inc the PRD) Not suggesting it’s poor mouth stuff either fwiw
Geuze wrote: » You seem to suggest that HSE staff pay a special pension contribution. This is false. Most public servants (excl. civil servants) have always paid 6.5% superannuation pension cont. Then, since 2010 approx, all public servants also pay the PRD. The PRD has been cut as part of pay restoration, and is now re-named the ASC, applies on over 34.5k.
neutral guy wrote: » RPPPD,WWD,UFC,KKD and other.Ask your friends who paid to pension fund 50K before 2008 and now has 20K.
AlmightyCushion wrote: » The stock market is well above what it was in 2008. Even when it nose dived back in March it was still well above what it was in 2008.
Dodge wrote: » If you can find that mythical pension, please share so people can avoid. Thanks
JJayoo wrote: » In 30 years time the pension age will be close to 80
neutral guy wrote: » Yes ,the stock market ! But not the people saving for pensions amount of money ! Which have spend money for pension funds clerks wages !Why I stopped pensions savings ! My savings in 2008 went down from 50K to 20 and from 20 K in 2008 they grew up to 25K because I had pay ADMINISTRATION FEES to guys in pension fund ! So from 2004 putting 50K in savings today after all I have 25K !
neutral guy wrote: » No ! Because old people has majority on elections this not gonna happen ! They simply will give vote for politicians who will not bring pension age to 80.No matter who it will nationalists,fashists,communists,populists.
neutral guy wrote: » No problem at all !https://www.moneyadviceservice.org.uk/en/articles/how-to-spot-a-pension-scam Here is UK Please prove us you are not different !
neutral guy wrote: » And also guys,can somebody explain me why people got pennies on pensions or loss when markets are on top of the history sky height ?
JJayoo wrote: » Don't have kids and you won't have to worry about pensions, expensive little cnuts
Jim2007 wrote: » But remember that the demographics will have changed, the voters will be older and politicians won't get elected if they don't look after the voters.... Look at how badly everything is funded for the young in Florida, schools etc for example....
colm_c wrote: » Huh? What have kids got to do with saving for retirement?
AnRothar wrote: » No spare cash:)
