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Thread: Pension costs

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    Default Pension costs

    I am looking for a breakdown of public sector/civil service pensions, how much each person will pay in each month/year to their pension. In order to get half of their salary and a lump sum how much of their wages do they goes into pensions? Everyone always says we can't afford to give such generous pensions and they are underfunded but by how much, what is their contribution?

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    Quote Originally Posted by catlaw5819 View Post
    I am looking for a breakdown of public sector/civil service pensions, how much each person will pay in each month/year to their pension. In order to get half of their salary and a lump sum how much of their wages do they goes into pensions? Everyone always says we can't afford to give such generous pensions and they are underfunded but by how much, what is their contribution?
    My wife works for the HSE. Am not sure what she puts in but I know that to get the full benefit she would have to work for forty years. Not going to happen in her case.

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    It is probably worth about 15-20% of their salary annually.

    If you wanted to take account of the added level of security, which means they have the government backing the promise to pay, it is probably worth more like 35% of salary at the moment.

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    Quote Originally Posted by catlaw5819 View Post
    I am looking for a breakdown of public sector/civil service pensions, how much each person will pay in each month/year to their pension. In order to get half of their salary and a lump sum how much of their wages do they goes into pensions? Everyone always says we can't afford to give such generous pensions and they are underfunded but by how much, what is their contribution?
    It's all here.
    Nothing will motivate the lazy / apathetic / Americanised / west-British types to embrace their culture and the Irish language.

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    Dear Lord Baby Jesus, I want to thank you for Pink Floyd

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    Neither of this links provide the true cost.

    Wall into the office of a decent financial advisor and tell them you want to replicate a public service pension and ask them to estimate how much you would have to contribute out of your pay.

    The figure is very large as a proportion of salary and you would probably have to give up a lot of things to afford it. Unless taxpayer were picking up the largest proportion of the tab.

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    Quote Originally Posted by Trainwreck View Post
    Neither of this links provide the true cost.

    Wall into the office of a decent financial advisor and tell them you want to replicate a public service pension and ask them to estimate how much you would have to contribute out of your pay.

    The figure is very large as a proportion of salary and you would probably have to give up a lot of things to afford it. Unless taxpayer were picking up the largest proportion of the tab.
    That's because they charge you a fortune to lose all your money for you.

    That's not the Public Sector's fault.

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    i am in private sector and it works out about 14 percent of my wage to get 50 percent pension. That 50 percent includes old age pension.

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    It is also important to differentiate between public servant who joined pre-95 and post 95. The Latter pay full PRSI, the former a much lower rate, but are paid less to even it out.

    for the Post 95, the "work" pension tops up the OAP that everyone is entitled to.

    For instand according to the Pension moddeller, I will get 11 K on top of the OAP. Gold fvcking plated!
    Last edited by Schlack; 24th May 2013 at 09:59 AM.

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    many state employees are in what is known as the Local Govt Supn scheme eg teachers, nurses. they pay 6.5% of salary and need 40 years service for a full pension as an earlier poster said.

    These contributory pensions are already reduced under the emergency legislation. If revised Croke Park 2 goes through, pensions of between €12,000 - €24,000 will be subject to an 8% deduction (they are already subject to a 6% deduction).

    Many people don't have full service - often treated as temporary/on contract for years.

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