Million euro early retirement pensions for civil servants on €60k p/a

[patslatt]

The 2nd Benchmarking Body report discounted salaries by 12% because of pension. Can we move on now?

No. Actuaries in UCD Maths department say that among the highest paid civil servants,actuarial contributions to pensions would be up to 30% of gross salaries. And job security (which admittedly may have to be scrapped if the public sector doesn't compromise on the huge pay cuts necessary for budgetary balance) is probably worth 15% of pay. So compared to a person on a modest defined contribution plan in the private sector,a highly paid public sector worker on the same pay could be up to 45% better off ie 30 + 15.

[cyberianpan]

Don't you think the title of this thread is a tad misleading?

No? In fact it brings the issue of pension accounting to the fore

This early retirement pension would indeed be worth €1,021,680 to civil servant on €60,000

It is time that the public sector started using proper accounting standards and acknowledges the true value of their pensions

cYp