Maybe it's one of those prize promotions - guess the number of coins in the jar and win the CEOship of NAERSA?
Government confirms delay of pension auto-enrolment
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Duke of Marmalade
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Actually all that the investment managers are being asked to do is to accept NAERSA as a unitholder. So €7m a year looks like money for old rope. As @Colm Fagan explains in #38 this is only a tiny part of the overhead costs of NAERSA.
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johnwilliams
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a poster above mentioned if things go pear shaped
so would happen then to peoples contributions .does the government cover it ? especially if it happens just as you retire?
so would happen then to peoples contributions .does the government cover it ? especially if it happens just as you retire?
Dr Strangelove
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Things can’t go pear shaped unless there is embezzlement which is highly unlikely.
If there are negative returns over a long period there may be political pressure on government to subvent retirees’ funds.
There's nothing to cover. People's contributions were spent years before to buy assets. When they come to draw down, the assets are sold and they get whatever the net proceeds are.
Dr Strangelove
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NAERSA is recruiting senior managers now.
Head of Compliance and Reviews (Principal Officer), National Automatic Enrolment Retirement Savings Authority (NAERSA) |
Employer: Department of Social Protection |
Head of Corporate Services (Principal Officer), National Automatic Enrolment Retirement Savings Authority (NAERSA) |
Employer: National Automatic Enrolment Retirement Savings Authority |
Minister Calleary launches major national campaign to raise awareness of ‘My Future Fund’ - the new Auto Enrolment Retirement Savings System
The multimedia advertising campaign will further inform people about how the new system will work, who can participate, and what it will mean for them
www.gov.ie
There was previous embezzlement from private pension funds (dressed up as a levy). Units were directly removed from the people's pension policies.
The excuse for this was that the State was in an emergency financial situation.
In more recent years when the State has been in a situation of having bumper tax revenue, no attempt has been made to return the embezzled units.
If (or when) the State again goes into financial crisis, it is highly likely that the Auto enrollment funds will be raided.
Something about the name "My Future Fund" doesn't make it seem like it won't be raided. On fact, I'd imagine the administrators will get constant communications.from members along to get their fund well before retirement.
When the government sees pensions as a rainy day fund, members can't be blamed if they follow the bad example.
Dr Strangelove
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This is a nonsensical description. It was a tax passed by a majority in the Oireachtas like every other tax. I was a public servant at the time and had my pay cut three times again approved by the Oireachtas.
Much more likely that the state will pause its contribution.
Private sector workers also suffered pay cuts, or worse.
Their occupational pensions have also suffeed reductions up to the present day, as a result of goverment embezzlement, at a time when most pension funds were already in financial difficulties.
Precidance has been set and future governments will dip into pension funds again when they tank the economy.
Not likely.
Because they would not get an immediate and very large injection of cash, and contributors could react by ceasing contributions until the government contributions were restored.