That's certainly true!
In 2014 the state will collect a further €600m from policyholders. Why? Because they are an easy target.
That's certainly true!
There's about €80bn in pension funds in Ireland. A typical charge these days is about 1% p.a. or €800m. That policyholder charge pays for investment services, wages, broker commissions, etc across the entire industry employing 10,000+ people.
In 2014 the state will collect a further €600m from policyholders. Why? Because they are an easy target.
That said though, if you plan your pension in a sensible way there are still very significant incentives available despite this levy.
Basically as a paye/prsi employee in the private sector, I am funding for 4 pensions:
1 - My own defined contribution scheme
2 - My state OAP (assuming its still there when I am eligible to receive it)
3 - The pensions of the public sector
4 - The under funded defined benefit schemes for the ESB etc.
Seems fair.................
See the quote from Michael Noonan's speech in the first post of this thread:Techless,
Points 1, 2 and 3 I understand.... Point 4... that this levy will be used to other DB schemes like ESB etc... This I dont understand..
How can this be so?
I think if we conducted a poll we would all be in agreement that this is theft, remember this when it comes to the next election, I am not connected with any party but these Fine Gael and Labour TD's need to be booted out, ensure everyone you know gets out to vote, let's not forget we need a long memory as by nature we just get on with it and any complacency will benefit these people. Boot them out....
Revenge is best served cold.
I'm sure FF will promise to get rid of the levy and then do a u turn at the election and increase it!
...this is theft, remember this when it comes to the next election, Boot them out....
Revenge is best served cold.
So because FG/Labour have imposed a (for the moment) small % tax on a small portion of the country's 'wealth', you are going to vote for SF!!! Things aren't that bad - I really hope this isn't what it has come to. Nothing would get me to emigrate quicker than a Sinn Fein government....I can see Sinn Fein having runaway success ...I can't believe I'm saying this but as a conservative voter I can see myself giving them a Number 1....Is this what it has come to..
Obviously depends what part of the public sector the friend was in but pre-1995 civil servants didn't pay towards their pension (there was a 1.5% contribution towards spouse/childrens pensions). From http://www.cspensions.gov.ie/faq1.pdf (established pre-1995 civil servants including prison officers):Punter , I am confused by your comments regarding your friend's public sector pension .
All pre 1995 Public Sector employees typically paid 6.5 % of their salary by way of a pension contribution , such contribution has increased in recent years .
Your friend , unlike you , will not receive the OAP.
See the quote from Michael Noonan's speech in the first post of this thread:
"additional levy on pension funds at 0.15%. I am doing this to continue to help fund the Jobs Initiative and to make provision for potential State liabilities which may emerge from pre-existing or future pension fund difficulties"
The levy is partly to fund schemes such as the Waterford Crystal one where the government has to (has been ordered to by EU court) bail out a poorly run/funded scheme.
punter
a couple of excellent posts. While not quite of your vintage yet, my feelings would be very similar.
One of my regrets is not joining the civil service after leaving school.
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