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Thread: AIB-pay for your own pensions!

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    Default AIB-pay for your own pensions!

    http://www.google.ie/url?sa=t&rct=j&...OpBVEQFn91yjcw

    Colm Mc Carthy points out how AIB DB pension fund would have gone under without the recapitalisation provided by the taxpayer.

    When this was being planned how is it that no provision was made for preventing taxpayer money from being used to
    fix the underfunded DB pension scheme in the bank.
    Is it credible that this could not have been forseen?

    AIB now contribute only 5% for their DB scheme as the gap has been made up by the taxpayer.

    How can citizens stand by and and watch cuts to home help for the elderly and massive new taxes imposed on struggling families?

    http://www.google.ie/url?sa=t&rct=j&...mZfSpuSSjGnXrQ

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    It is a sickening disgrace. But what to do ?
    Redacted.

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    Politics.ie Member tigerben's Avatar
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    Sure AIB are now just public servant workers. Some highly paid, others just get increments as lowly paid workers who deserve it, as hear no evil speak no evil is the motto. Anyway it's entitlements Doncha know!

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    Politics.ie Member dresden8's Avatar
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    Public Sector were charged more for their pensions while their pension fund was being given away and the banks were having their pension fund topped up.

    When oh when are the public sector going to suffer the results of this recession?

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    taxation lads.

    lots and LOTS of taxation. a "pension fund rescue tax" sounds good to me for all schemes that wouldve failed without state money.

    course when you consider these lads are funding FF/FG.

    Well take a flying guess at how likely this is.

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    Quote Originally Posted by EvotingMachine0197 View Post
    It is a sickening disgrace. But what to do ?
    For a start I would like to hear the govt and Dept of Finance explain how this could not have been expected.
    It is interesting that Colm McCarthy appears to be the only one who has raised this in the public arena so far.
    All other comment has centred on the pensions of one or two fat cats with excessive pensions but the true extent of this issue
    is much more costly to the taxpayer.

    The DB fund was seriously under water well before recapitalisation.
    So this would have been well known and yet they allowed taxpayers money to be used in this way.

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    There is no appetite among our political class to have the Unions come out on strike.

    Much simpler to buy industrial peace using taxpayer money.

    Watch how the taxpayer ends up bailing out the Aer Lingus pension fund.

    Get in the trough now, because there isn't much left to divvy out.
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

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    Politics.ie Member dresden8's Avatar
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    Quote Originally Posted by tigerben View Post
    Sure AIB are now just public servant workers. Some highly paid, others just get increments as lowly paid workers who deserve it, as hear no evil speak no evil is the motto. Anyway it's entitlements Doncha know!
    If they were public sector workers they would be paying the "pension levy".

    Oh no, their pension fund was topped up, not given away!

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    Quote Originally Posted by dresden8 View Post
    Public Sector were charged more for their pensions while their pension fund was being given away and the banks were having their pension fund topped up.

    When oh when are the public sector going to suffer the results of this recession?
    Exactly- so PS now pay 15% for possible 50% of final salary
    Meanwhile AIB with DB pay 5% for 2/3rds final salary.

    How did this come about? Is it something to do with trade union solidarity that PS unions do not tell IBOA to take a jump?

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    Politics.ie Member cyberianpan's Avatar
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    All defined benefit pensions are crazy...sooner the public realize that the better

    cYp
    "Yawn , am I alive yet ?"

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