Conan, possibly off topic but did you know that what happened at the Irish Medical Organisation was about 5 times worse. That guy secretly negotiated a pension deal worth €20M whilst only disclosing €4M in the Accounts; over years a surplus was built up from exhorbitant fees to members. Even so, when it came to retirement the IMO hadn't anything near €20M so the retiring CEO magnanimously settled for €9M. There is zilch corporate enforcement in the 26 counties.From reading reports today in relation to the pension benefits paid to the former CEO, the numbers quoted seem a little odd:
- the total salary paid to the former CEO was circa €227,000
- I think it was stated that his pension would be 36/80ths
- but the above calculation would be more than the €90,000 pension also reported
- under normal Public Sector pension arrangements he would also be entitled to a max lump sum of 150% of salary ( circa €340,000)
- but it was stated today that he received €200,000 tax free plus a further €270,000 which is taxable
- but that equates to a total retirement lump sum of circa €470,000 ( some €130,000 more than the normal pension lump sum)
- so did he also get some termination payment in addition, just for retiring early?
The whole arrangement stinks, another Bertie "keep the boys happy" arrangement. The fact that the Directors thought that it was ok to agree such a structure and build in a confidentiality agreement is just typical of the Bertie mafia.
In the IMO case it is clear to me that it should admit false extraction of fees over 5 years or more, admit that it owes these fees back, go bankrupt and then the CEO can sing for his secret deal, lining up as a creditor with the members who were levied under false pretences.
Why is the CRC a charity, why is it not part of the HSE?
I'm also wondering about a story I read about it taking a year to get a suitable wheelchair and it being the fault of the CRC, but isn't it the rules of the HSE that prevented the child getting the wheelchair on time. I find that more of a scandal then the shenanigans on the board. As for Goulding's defense, tosh. And the ex chairman is ill from the stress of it all, ill that he's been found out more like.
Are all charities in Ireland run this way?
Just a small query regarding the CRC pension situation.
Does the ordinary public servant not receive a pension equal to 2/3 of their salary.
Say 2/3 of €40,000, thats €26,000.
Does this pension come with index linking, and surviving spouse provision.
Is the annuity rate for this about 3.5%. That comes to what? just over €760,000
So does the average nurse physio etc in the public sector not get a pension pot a little larger than Mr Kiely's.
Do I have my figures wrong, surely all this fuss isn't about someone getting a smaller than average pension
Why is the CRC a charity, why is it not part of the HSE?
PS pensions are 40/80 of wages.
Why is the CRC a charity, why is it not part of the HSE?
Our local private primary school, whose pupils are the children of only the wealthiest people in the area who are able to afford the fees, recently had a 'bag packing session' in Tesco's!The problem arises when these businesses masquerade as charities on the side, and put the hand out for extras from the public.
You're asking the right question, but heading in the wrong direction.
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