How to fix the Pension crisis?

RTE reporting the delay in state pension age to 67 to be announced today

Social welfare - Not much is expected by way of change to the main social welfare rates like the old age pension. Money may be put aside though to allow for a delay in the planned increase of the state pension to 67.

The delay of pension age to 67 has had a knock on for newer public servants and their pensions

A Commission on Pensions has recently been established to examine sustainability and eligibility issues in respect of State Pension arrangements and is due to submit a report with recommendations to the Minister by 30 June 2021, for consideration by Government. The Government has decided to defer the increase in the age of eligibility for the SPC due on 1/1/21, pending consideration of the recommendations in that Report.

The solution is simple – to make automated adjustment of our employment law (the retirement age) in line with the pension age amendments. This solution works very well in many countries and means that with every adjustment in pension age all corporate employment contracts are also automatically adjusted to the same age level (retirement age). I.e. if the government increases our pension age to 66 then all employment contracts would also automatically increase the retirement age to 66, and so on. So there would be no gap in between and with every pension age increase people would simply work longer exactly for the same period.

We also waste €1-3 billion each year on Irish Gaelic language “revival”.

Again this is really a default on terms and conditions. And a slippery slope to banana republic levels of lack of trust in business.

No, they’d have to go back and try better. I’d prefer to see the immigration tightly controlled and a good slashing of Govt. spending including Corporate Welfare, like sweetheart deals on €800,000 social apartments in Sherrif St for a start.

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Both things could be done in parallel – amendments in our employment law to align our retirement age with pension age and substantial reduction in government spending.

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The Cabinet will this evening discuss a proposal to increase the State Pension age by three months every year from 2028.

This proposal is part of the report of the Pensions Commission which Minister for Social Protection Heather Humphreys has brought to Government.

Under the recommendations the pension age would reach 67 in 2031 and it would increase again by three months every two years from 2033 onwards.

Under this plan the pension age would be set at 68 years from 2039.

Well this is a mighty fudge. Firstly, going up 3 months per year makes it unnecessarily complicated.

Secondly, some parties like FF campaigned last Election to stop the increase to 67. See here

Yet they all seem to think it’s grand increasing it another 5euro per week in the upcoming Budget to 253.30 per week

Another default event for the creditors to snooze through :clown_face:

More than 350,000 pensioners could be hit with PRSI for the first time under controversial new proposals.

The Pensions Commission wants to remove a special exemption that allows people aged over 66 to avoid Pay Related Social Insurance (PRSI) on their non-state income.

The charge would be set at a rate of 4pc on all weekly income over €100, except for social welfare payments such as the state pension. It would apply to private or public sector pensions, and income from a salary for a person over 66 who is still working.

Anyone getting income from savings, dividends, investment returns, or rental income who is 66 or older would also have to pay PRSI for the first time.

Paying PRSI on all Non state pension income over €100 a week. No previous generation would have stood for a plan like this.

A real seat loser for TD’s who support it

Big time. Housing crisis effects a lot of peoeple.

But working to 68 effects every single working person in Ireland

Key Findings

  • In Quarter 3 2021, 65.7% of all persons in employment aged between 20 and 69 years had supplementary pension cover, up one percentage point on the same period in 2020. This includes occupational pension cover from current or previous employments and personal pension cover, including those where payments have been deferred for a period of time or are currently being drawn down by the pension holder. See Table 1.1.
  • Pension coverage remained lowest among the younger workers. In Quarter 3 2021, just over one quarter (25.2%) of workers aged 20 to 24 years had a pension. Pension coverage was greatest among workers aged 45-54 years where over three quarters of persons in employment (76.7%) had supplementary pension cover. See Table 1.1.
  • Of self-employed persons in employment in Quarter 3 2021, 54.6% had pension cover. This includes occupational pension cover from previous employments and also personal pensions (including personal pensions where payments have been deferred for a period of time and pensions currently in draw-down mode). See Table 2.1.
  • For persons in employment, occupational pension cover increased by three percentage points on the same period in 2020 (72.7% in 2021 compared with 69.7% in 2020), while personal pension cover decreased – 11.5% compared with 12.3% in 2020. See Table 3.1 and Figure 1.1.
  • Supplementary pension cover, where someone had both an occupational and personal pension, of persons in employment aged between 20 and 69 years decreased by over two percentage points when compared with the same period in 2020 (to 15.8% from 18% of persons in employment in Quarter 3 2020). See Table 3.1 and Figure 1.1.
  • Of those workers with an occupational pension from their current employment, the proportion of those in employment with ‘defined benefit’ pensions fell by almost six percentage points on the same period in 2020 (28% compared with 33.8% in 2020), while the prevalence of ‘defined contribution’ pensions increased by nearly five percentage points - 68.5% of those in employment compared with 63.9% in 2020. See Table 4.1.
  • For persons with occupational pension cover from their current employment, almost one in five (19%) have been in their pension scheme for 20 years or more. See Table 4.2.
  • For those workers with no occupational pension coverage from their current employment, more than half (53.3%) stated that their employer does not offer a pension scheme. See Table 4.4.
  • In Quarter 3 2021, over seven in ten (70.3%) workers with personal pension provision were currently paying into their pension, an increase of over four percentage points (66% in 2020) on the same period in 2020. Workers who had deferred payments on their personal pension for a period of time decreased in 2021 – 27.3% of those with personal pension provision compared with 32.2% in 2020. See Tables 5.1 and 5.2.
  • Of workers who have no pension cover, 45.2% stated that the main reason was that they never got around to organising it or will organise at a future date, while four in ten (40%) said that they could not afford pension cover. See Table 6.1.
  • Almost half (49.6%) of workers with no pension cover stated that they will rely on the State Social Welfare pension as their main source of income in retirement, while over three in ten (30.9%) have not decided yet. See Table 6.2.

So of the 34% who do not have a pension, 49.6% (so 17% of all workers) plan to rely on the State Social Welfare pension.

And we know the cost of SPC is currently unaffordable for the State going forward…

Kill shots solution.

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Exactly. The Tribe is really busy now resolving the pension crisis. Kill the Creditor.

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Mass murdering in coffid hospitals for organ harvesting.

Halfway down the page from the link there is bitchut recording from the hospital in Eastern Europe. Drastic. Doesn’t require bitchut login.

Some say (fat chquers) it’s from Eastern Ukraine but these are not shelling victims.

Nearly 4% monkey hammer on silver today. Looks like plenty of ammunition left. Keep playing. A tenth of an ounce comes out of the ground per year per human on Mother Earth. …