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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6980 |
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I'm not a public servant but have a defined benefit pension. I think the cut off date for it was the day before I started in 2006 and there was even a strike to get the dozen of so of us who started the same day on to it. I had no idea at the time how important it was to get it. It's split these days 80/20 in favour of DB over DC.
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Bimbos Burgers - "Official Sponsor of the Irish Squad"
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Zinedine Kilbane 110
Jack Charlton Man City records obsession Joined: 20 Mar 2012 Location: Dundalk Status: Offline Points: 9647 |
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Happy days ... you got in just in time. Very rare to get that in the private sector. It’s pretty much non existent now.
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Flanno7hi
Liam Brady Joined: 26 Jul 2010 Location: Chester Status: Offline Points: 2618 |
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I worry about mine a lot. My employers contributions seems to have gotten worse each time I've switched job. First job they doubled the contribution now I am down to they will match 5%. I'm currently paying 9.5% in and they pay 5%. We get tax relief on it here so it is a good saving I think. I read once that that depending on when you start paying in. Take the age you start your pension and halve it. Then put this % of your pre-tax salary into your pension each year until you retire. So someone starting aged 32 should contribute 16% of their salary for the rest of their working life It seems huge but I have started increasing my contribution percentage whenever I get a pay rise. So I don't notice it in my monthly take home. I'm going to try to get mine up to 12% from me and 5% from them.
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Our City. Our Community. Our Club
IG @flanno_7hi |
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Donegalman
Liam Brady Joined: 16 Jun 2015 Location: Donegal Status: Offline Points: 1650 |
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Might be a bit of a silly question but how does the payments work? Is there a pension that everyone gets and then the more you work and longer you pay into a the scheme the more you get? Finishing college this year so it’s not something I’ve thought about at all.
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32791 |
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public sector pensions are different now for anyone post 2013. In that its not based on your final 3 years salary it’s based on your average wage throughout your time in the public sector.
It’s also based on 40 years service. You can top it up if you don’t have enough contributions if you joined late say post 30. Pre 2013 but post 1995 a persons pension was based on their contributions and then final 3 years salary so if your average salary for the last 3 years was 40k. You would get 12k sw pension and 8k public service pension to make 20k. You would also get a lump sump of 1 and half times your final salary which would be 60k. Pre 1995 public servants did not pay a full stamp so they did not get the sw pension but got half their final salary in their pension so it was a public service pension of 20k.
Edited by Baldrick - 23 Nov 2020 at 5:56pm |
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AKA pedantic kunt
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Jackal
Liam Brady Joined: 14 Sep 2019 Status: Offline Points: 1358 |
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You need 520 weeks work minimum for any kind of contributory pension. However, a fella who goes 40 years without working will get a fairly good pension too.
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32791 |
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They will get the basic stage old age pension. Approximately 12k per year or 230 per week. |
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AKA pedantic kunt
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Jackal
Liam Brady Joined: 14 Sep 2019 Status: Offline Points: 1358 |
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About €15 a week difference so.
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32791 |
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Not sure what your point is. Do you think pensioners should be living on less than 230 per week. The amount of people who do not work one day in their life is pretty small. Not saying it doesn’t exist but the basis of any decent welfare share is that their is a safety net for pensioners. It is only the pretty small minded that would begrudge anyone their old age pension.
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AKA pedantic kunt
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Jackal
Liam Brady Joined: 14 Sep 2019 Status: Offline Points: 1358 |
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No, I don't begrudge any worker their pension. I'd be in favour of high pensions as people pay high rates of PRSI
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32791 |
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what do you think a person who doesn’t have the necessary contributions should get per week when they hit 65/67/68
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AKA pedantic kunt
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Jackal
Liam Brady Joined: 14 Sep 2019 Status: Offline Points: 1358 |
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I would be of the opinion that it should not match someone with full contributions. Perhaps stay the way it is but have the person with the full rate getting 300 a week. You'd have to take things into account though like disability, child rearing etc, both of which I think should be worth a stamp.
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32791 |
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So what funds the increase to 300, greater prsi contributions ? Longer working period possibly to 70, increasing tax on those earning over 50k 70k 100k or increasing taxing for the whole workforce.
Edited by Baldrick - 23 Nov 2020 at 6:27pm |
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AKA pedantic kunt
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Online Points: 26322 |
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Do ye think the state pension will still exist in 30/40 years? Have heard a lot that because the proportion of pensioners then will be so high that it is possible there will be no pension, or it will be extremely small
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They finally did it man... They killed my f**kin' car...
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Jackal
Liam Brady Joined: 14 Sep 2019 Status: Offline Points: 1358 |
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I'd be a fan of the Scandanavian model. High taxes and we'll get high services. Although, people were around in the 80s would tell you we had high taxes and low services.
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32791 |
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Who knows but if I had the opportunity to not rely on it I would be relying on it. |
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AKA pedantic kunt
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32791 |
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That’s fair enough but where would you increase the taxes and who would pay the increased taxes.
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AKA pedantic kunt
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Jackal
Liam Brady Joined: 14 Sep 2019 Status: Offline Points: 1358 |
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I don't know. I'm thinking out loud I suppose.
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