Bill Struth
Registered User
- Messages
- 182
If I retired tomorrow, with 40 years service, at the top of my pay scale my pension would be €18,670 per year before tax, minus the state old age pension.
What age are you expecting me to live to?
If I retired tomorrow, with 40 years service, at the top of my pay scale my pension would be €18,670 per year before tax, minus the state old age pension.I can't understand either why any civil service worker gets a tax-free lumpsum when they have a pension that would cost over 1m to fund ready and waiting for them.
No, they're not. A colleague of mine would testify to that.increments are awarded regardless, until you hit the top of your scale and thats that. Then you either get promoted or wangle a regrading, in which case the increments start again depending where on the new scale you've landed
No, they're not. A colleague of mine would testify to that.
Just because you've never heard of something happening doesn't mean it hasn't happened.Well, I've never heard of anyone not getting them- it would be a huge union issue and they'd be afraid of setting a precedent.
Maybe if there was serious disciplinary action been taken against an individual...and even then, I have never seen the increments getting stopped in those circumstances
I think the pension levy has gone a long way to putting the whole public sector pension issue to bed. It’s still a great deal but not what it used to be.
I can't understand either why any civil service worker gets a tax-free lumpsum when they have a pension that would cost over 1m to fund ready and waiting for them.
I think the pension levy has gone a long way to putting the whole public sector pension issue to bed.
Where are you getting the 1 million figure?
Take someone on a reasonable salary of 60K.
Their lump sum would be 90k and annual pension 30K, which would mean they would have to be retired for 30 years to hit the 1 million mark.
In my case I would have to live to be 97!
Hi Shawady,
As per later post, it was shown on Primetime a few weeks back, that someone in the private sector would have to have a pension fund worth over 1m to provide the same pension income as a typical Guarda retiring. There was a lady who had a fund of approximately 200k if I remember correctly and this would only produce 93 euro a week if she retired at 61. I might have the figures out a bit but that was the jist of it.
If I could draw a personal comparison - I am a member of a DB private sector scheme , I was able to retire ridiculously early , I derogated a portion of my final pension & together with the maximum statutory redundancy garnered a six figure lump sum and still emerged with a pension slightly in excess of half of my final salary - I then claimed jobseekers allowance for 18 months & as long as I sign on for credits can eventually claim the OAP ( God willing ) - I should also point out that I received the first tranche of 3% under the National Wage Agreement towards 2016 & am due a further increase in April next.
All for salary contributions roughly equivalent to 1/4 of those currently paid by Public Sector employees.
And yes I know I am extremely fortunate - as are the thousands of current pensioners in the scheme.
I am posting this not from any sense of boasting but to show that excellent pensions are also paid to some private sector employees
Just because you've never heard of something happening doesn't mean it hasn't happened.
The person in question got a low grade in their annual review, increment not approved, and unable to apply for promotion (not that that matters with the current promotion embargo.)
Can you say what sector you worked in?
If I retired tomorrow, with 40 years service, at the top of my pay scale my pension would be €18,670 per year before tax, minus the state old age pension.
What age are you expecting me to live to?
Hi Shawady,
As per later post, it was shown on Primetime a few weeks back, that someone in the private sector would have to have a pension fund worth over 1m to provide the same pension income as a typical Guarda retiring. There was a lady who had a fund of approximately 200k if I remember correctly and this would only produce 93 euro a week if she retired at 61. I might have the figures out a bit but that was the jist of it.
I never said that it does happen in significant numbers.and just because you've heard of 1 person, that does'nt mean it happens in any way near significant numbers across the civil/public service!
I never said that it does happen in significant numbers.
You said that it never happens, I merely pointed out that you were wrong.
I share your concern about these outrageous pensions, but don't blame the administrators. They don't make the rules.How can any pension department worth its salt not realise that a pension is assessed on the salary applicable at the time of retirement and not one that was in place 2 years ago.