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Thread: Public Sector Pensions - One Giant Pyramid Scheme

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    Default Public Sector Pensions - One Giant Pyramid Scheme

    From watching Pat Kenny's programme last night it finally occurred to me that public sector pensions are just one giant pyramid scheme. On a rough calculation I reckon it takes all the tax (including VAT) from at least 10 workers on average salaries each year just to pay Roddy Molloy's annual pension. Obviously this is unsustainable and the pensions of senior public sector workers will have to be reduced drastically.

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    Quote Originally Posted by Dunlin3 View Post
    From watching Pat Kenny's programme last night it finally occurred to me that public sector pensions are just one giant pyramid scheme. On a rough calculation I reckon it takes all the tax (including VAT) from at least 10 workers on average salaries each year just to pay Roddy Molloy's annual pension. Obviously this is unsustainable and the pensions of senior public sector workers will have to be reduced drastically.
    The government will not do it.

    The CEO's who do nothing are "entitled" to these don't you know?

    Why can backbench TD's be CEO's/board members of all the quango's? No extra cash for doing this. It should be seen as a learning opportunity that will help them if they are ever promoted to the front bench.

    It would disallow the government from claiming ignorance of course, which is why it will never happen.

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    And Bertie's multiple pensions will take the total tax take from about 20 workers on average salaries to pay his annual pensions when he retires. Salaries for life, it's a great country for some, no doubt about it.

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    Yes - we must pay the CEO's who do nothing top whack. Otherwise we could not have best in class CEO's who do nothing.

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    Remember, we are generally paying them to leave without suing the state. This is money well spent

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    It is quite true that lower and middle income PS workers do very badly out of the pensino scheme, the higher ones do very well. It is a joke of a scheme. Opting out should be allowed, all the lower grades would walk and leave the higher ones in the poo.

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    Quote Originally Posted by X-ray View Post
    It is quite true that lower and middle income PS workers do very badly out of the pensino scheme, the higher ones do very well. It is a joke of a scheme. Opting out should be allowed, all the lower grades would walk and leave the higher ones in the poo.
    Why do lower and middle income workers put up with this?

    Why are they not clamouring to their unions?

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    Quote Originally Posted by DCon View Post
    Why do lower and middle income workers put up with this?

    Why are they not clamouring to their unions?
    Their religion doesn't allow it. If the Priest (shop steward) or the saviour (Union boss) do not call for it the sheeple have no way to call for it.

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    Quote Originally Posted by DCon View Post
    Why do lower and middle income workers put up with this?

    Why are they not clamouring to their unions?
    Because the fact is the middle income bracket who make up the vast majority of the PS do very well out of the pension scheme too.

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    It will not be possible to change the pension entitlements (downwards) for existing members, however, the existing scheme should be closed immediately to new members and a new defined contribution scheme put in place for new recruits. This is what is happening wholesale in the private sector. There is still someway to go but the private sector are getting there.

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