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Thread: Our 15 Gov Cabinet members & their €36m pension pot

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    Default Our 15 Gov Cabinet members & their €36m pension pot

    Cabinet pensions worth €36m at market prices - The Irish Times - Tue, Oct 30, 2012

    THE 15 MEMBERS of Cabinet will have pension entitlements by the end of the Dαil term that would cost €36,301,205 if bought in the market today, according to an analysis conducted by The Irish Times.

    The figures are based on the Government serving its full term to March 9th, 2016. The Taoiseach, Enda Kenny, will be entitled to an annual pension of €100,000 by that date. For a married man of Mr Kenny’s age to buy such a pension today would cost €3,290,720.

    He will also be entitled to a lump sum of €139,008, bringing the total value of his pension entitlement to €3,429,728.
    This on top of what we are already paying Cowen, Aherne, Harney etc. AND they get paid this pension in some cases in their early 50's?

    First off these pensions are unaffordable and just too large for this countries citizens to support. Second of all whatever pension is available should only be paid after the official state retirement age.

    We are really barrelling toward another massive crisis in the shape of a Pensions Crisis. All we get from our cabinet above is legal rubbish about they cannot change contracts, they cannot go retrospective. FFS, they are the LAW MAKERS - LEGISLATE, thats what they are being paid for. But of course "Turkeys dont vote for Christmas do they?"

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    a spokesman for minister Howlin had 'no comment' to make on the report. I'm not surprised!

    the pension figure of €100,000 pa for kenny would not include his teachers pension. he put in a sub for many years and clocked up a pension but didn't do the teaching! there's also be a lumpsum from his teaching service, actual and theoretical.

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    Politics.ie Member livingstone's Avatar
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    Correct me if I'm wrong, but wouldn't a cost of €3.3 million for a €100k pension assume that he'd be receiving it for about 33 years. Kenny will be 65 by 2016 - surely it's statistically odd to assume he would live until he's 98?

    If you assume a more realistic life expectancy of 80, then surely the actual cost of his pension is half that at about €1.5 million?

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    Quote Originally Posted by laidback View Post
    a spokesman for minister Howlin had 'no comment' to make on the report. I'm not surprised!

    the pension figure of €100,000 pa for kenny would not include his teachers pension. he put in a sub for many years and clocked up a pension but didn't do the teaching! there's also be a lumpsum from his teaching service, actual and theoretical.
    I think he said last year that he wouldn't take the teacher's pension.

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    Quote Originally Posted by Dunlin3 View Post
    I think he said last year that he wouldn't take the teacher's pension.
    i think he said he would defer it to 65. You can get a pension at 60 in teaching if you have left teaching as he has.

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    Politics.ie Member daveL's Avatar
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    Quote Originally Posted by livingstone View Post
    Correct me if I'm wrong, but wouldn't a cost of €3.3 million for a €100k pension assume that he'd be receiving it for about 33 years. Kenny will be 65 by 2016 - surely it's statistically odd to assume he would live until he's 98?

    If you assume a more realistic life expectancy of 80, then surely the actual cost of his pension is half that at about €1.5 million?
    what you're highlighting there is the private pension management farce in this country

    putting in 300k in to a pension fund does not equate to a pension for 30 years of 10k a year... it equates to about 15 - 20 years of 10k a year

    the rest disappears in management and fund fees...

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    Looked at this in the IT today & they showed it that for a meer 5 years work as a Minister each person gets 26k per year pension for this portion alone.

    If Leo Varadkar (I only use him as he easiest to assess due to age & years in the Dail) retired as a politician at the end of this governments 5 year term it would cost over 750K to buy an annuity for his pension. Given he'd be only be a TD/MInister for 9 years at that stage it looks like it costs about 65-70% of gross pay to fund his pension. I think the article mentions that they make no contributions to the Ministerial portion of their pensions.

    Given these pensions have been reduced quiet a bit since FF/Greens left it just shows how over the top the pensions we are paying them already are.

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    another attack on Kenny, where were you when the damage was being done, Fianna Failure proganda machine is coming to life again, keep throwing dirt and some of it might stick in some peoples minds

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    Quote Originally Posted by laidback View Post
    i think he said he would defer it to 65. You can get a pension at 60 in teaching if you have left teaching as he has.
    No he said that he would never take it during the election last year. Meehole challenged him on it during the campaign if I remember correctly, hope he sticks to it.

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    Politics.ie Member tigerben's Avatar
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    And yet all these ministers would argue that the state contributory pension is generous and that's after paying in over 40 years to the pot. But I suppose their worth it !

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