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Post Options Post Options   Thanks (0) Thanks(0)   Quote sausy Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 4:21pm
Originally posted by Zinedine Kilbane 110 Zinedine Kilbane 110 wrote:


Or work for in the public sector where defined benefits are gold.
 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Zinedine Kilbane 110 Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 4:28pm
Originally posted by sausy sausy wrote:

Originally posted by Zinedine Kilbane 110 Zinedine Kilbane 110 wrote:


Or work for in the public sector where defined benefits are gold.
 
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.

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Flanno7hi Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 4:50pm

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Donegalman Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 5:24pm
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baldrick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 5:52pm
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jackal Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:00pm
Originally posted by Donegalman Donegalman wrote:

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.
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baldrick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:03pm
Originally posted by Jackal Jackal wrote:

Originally posted by Donegalman Donegalman wrote:

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.
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.

They will get the basic stage old age pension.  Approximately 12k per year or 230 per week. 


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jackal Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:04pm
Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Donegalman Donegalman wrote:

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.
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.

They will get the basic stage old age pension.  Approximately 12k per year or 230 per week. 


About €15 a week difference so.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baldrick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:09pm
Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Donegalman Donegalman wrote:

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.
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.

They will get the basic stage old age pension.  Approximately 12k per year or 230 per week. 


About €15 a week difference so.

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jackal Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:13pm
Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Donegalman Donegalman wrote:

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.
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.

They will get the basic stage old age pension.  Approximately 12k per year or 230 per week. 


About €15 a week difference so.

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. 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baldrick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:18pm
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jackal Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:20pm
Originally posted by Baldrick Baldrick wrote:

what do you think a person who doesn’t have the necessary contributions should get per week when they hit 65/67/68
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baldrick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:26pm
Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

what do you think a person who doesn’t have the necessary contributions should get per week when they hit 65/67/68
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.

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote MayoMark Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:27pm
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jackal Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:30pm
Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

what do you think a person who doesn’t have the necessary contributions should get per week when they hit 65/67/68
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.

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.
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baldrick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:32pm
Originally posted by MayoMark MayoMark wrote:

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 

Who knows but if I had the opportunity to not rely on it I would be relying on it.  


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baldrick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:34pm
Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

what do you think a person who doesn’t have the necessary contributions should get per week when they hit 65/67/68
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.

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.
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.

That’s fair enough but where would you increase the taxes and who would pay the increased taxes. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jackal Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2020 at 6:35pm
Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Jackal Jackal wrote:

Originally posted by Baldrick Baldrick wrote:

what do you think a person who doesn’t have the necessary contributions should get per week when they hit 65/67/68
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.

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.
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.

That’s fair enough but where would you increase the taxes and who would pay the increased taxes. 
I don't know. I'm thinking out loud I suppose. 
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