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Thread: Does the Irish public think public sector pensions are a problem?

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    Default Does the Irish public think public sector pensions are a problem?

    Public sector pensions based on final salaries and indexed to wages are largely underfunded by employee contributions to their pensions in the high salary brackets above about €40,000,a lack of proper funding that will lead to huge future tax burdens.This raises the question,why should private sector employees have to pay increased taxes for public sector pensions that are vastly more generous than those of the private sector?

    It would be useful to have extensive public opinion polls on the attitude of the Irish public to such pensions. If the public think the pensions are too generous or that the public sector should fund them fully through increased contributions,then the Croke Park deal on pensions should be scrapped immediately.

    The response of the Irish public would likely be negative,judging by news from the US in the article
    The Political Rumble Over Public Pension Costs - BusinessWeek

    Quote:

    "Seventysix percent of Californians polled in June said public pensions were a big problem or "somewhat of a problem",according to a poll by the Pew Center on the states and the Public Policy Institute of California.In Illinois,83% of the respondents answered the same way,as did 79 percent in New York."

    "Six cities-Boston,Chicago,Cincinnati,Jackonville (Fla),Philadelphia and St Paul (Minn)-will run out of pension money by 2020..."

    "Already this year,16 states have required public employees to pay more into retirement benefits or cut benefits for new hires...California's new budget...rolls back new hires' pension benefits to 1998 levels."

    Quite a contrast to our nearly bankrupt government's Croke Park deal.
    Last edited by patslatt; 27th October 2010 at 01:40 PM.

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    Problem is solved if there is a reliable health service and good state pension provision for all workers regardless of public or private sector. Then we can happily reduce the state contribution to public sector pensions and the massive state contribution to private pensions through tax breaks/refunds.

    That should sort it.

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    Quote Originally Posted by Mar Tweedy View Post
    Problem is solved if there is a reliable health service and good state pension provision for all workers regardless of public or private sector. Then we can happily reduce the state contribution to public sector pensions and the massive state contribution to private pensions through tax breaks/refunds.

    That should sort it.
    You want to postpone the day of reckoning for our nearly bankrupt treasury.

    Most people would not make proper provision for retirement without the pension tax breaks and would end up almost totally dependant on the old age pension. That's the reality faced every day by pension advisers and life insurance sales people. Forty years from now,the number of workers per pensioner will be far less than today,so pensions will fall way behind pay without a generous tax break for pensions plans.

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    Quote Originally Posted by patslatt View Post
    You want to postpone the day of reckoning for our nearly bankrupt treasury.

    Most people would not make proper provision for retirement without the pension tax breaks and would end up almost totally dependant on the old age pension. That's the reality faced every day by pension advisers and life insurance sales people. Forty years from now,the number of workers per pensioner will be far less than today,so pensions will fall way behind pay without a generous tax break for pensions plans.
    It's logically inconsistent to argue against generous state support of public sector pensions while encouraging generous state support of private ones.

    Get rid of the distinction and have good systems of care so people do not need to feel so insecure about their future as an older person.

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    There is a difference between reducing a person's tax bill due to the fact that they are saving for their future pension (which they will be taxed on) and paying for a gold plated pension which is out of sync with what nearly every non-PS worker will get.

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    Quote Originally Posted by Right is right View Post
    There is a difference between reducing a person's tax bill due to the fact that they are saving for their future pension (which they will be taxed on) and paying for a gold plated pension which is out of sync with what nearly every non-PS worker will get.
    How is it different to give someone a tax refund (which effectively is what it is as it is relief on tax that should be paid) and a contribution towards paying for a pension. Both involve the state underwriting the cost of retirement pensions for individuals with significantly greater underwriting for higher paid individuals both in the private and public sectors.

    A fairer situation would be if the state withdrew from much of its underwriting especially the disproportionate amount given to higher paid public and private sector workers and instead invested in proper state pensions for all and proper health services for all older people.

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    Pat - not another thread about the PS! You're obsessed! Did you not get the pension you thought you were getting when you retired from the PS?
    IF YOU'RE LOOKING FOR A FIGHT, YOU'VE COME TO THE RIGHT SITE = P.ie - Brings out the worst in people!

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