That definition from the NPRF is all over the place. Looks like it’s been tweaked a number of times over the years. I’d always thought that, in spite of its name, the NPRF was always intended for exactly this purpose. Its primary purpose was to justify Charlie McCreevy’s pro-cyclical policies (if they could even be called that).
I thought we’d given the whole thing to the Troika so that they could lend it back to us at 5% to fund current spending…so I’m actually okay with this.
with the way FF ran the economy it looks like they planned to leave nothing in the kitty for themselves after they got in after FG got in 5 years down the line if you know what I mean.
I’m really pissed about this. Yes, I won’t have an Irish state pension but I have time to provide for myself and it looks like I’ll have a German pension if I stay here but my elder siblings haven’t been able to squirrel away a pension fund for themselves and will be left destitute. My father and people of his age are very comfy indeed on their unsustainable state pension of €232 a week with minimal outgoings and additional income streams too.
You can move your stamps to other countries in the EU as far as I know. Anyone know where ones PRSI contributions would go furthest e.g. a table by country of <Hurdles to Qualify*> would be interesting. I ask out of curiousity but also would be vaguely interested in moving in retirement. I suppose it is quite likely that it would be Ireland coming out on top.
I presume there are probably some requirement to have some locally earned stamps to qualify.
As far as I can see based on the oasis.irlgov site if I stay in Germany I can claim both Irish and German state pensions. I think the German state pension requires me to keep a German address so that the money stays in Germany rather than in Majorca which is where all the German Rentnerinen were going to but it is supposedly easy to maintain an address inexpensively and then go where ever you want.
I have a prediction to make. When it comes time for the current 30 and 40 somethings to retire, there will not be enough money to ay a pension to everyone, so the pension will be means tested. If you have worked all your life and provided a small pension for yourself, you will be entitled to nothing from the state, despite paying PRSI all your life. If you have been on the dole and medical card all your life you will be entitled to the state pension.
I have a problem with FG raiding the NPRF because they can’t kick start a broken economy by using up the few savings we have. New roads won’t fix the economy. New schools won’t even fix the economy.
Irish politics is noteworthy in that there are no spending skeptics - to question “investment” in anything is to be a “right wing” “neo-liberal” and therefore a complete scumbag. The Irish Times, RTE, Independent all broadly go along with this, and refuse to call “investment” by its proper name: “spending” - look at Dan O’Brien’s IT article on attributing everything to neo-liberalism - most of the comments are poorly thought out Vincent Browne style attacks.
see second quote in the original post taken from NPRF website; it’s for social welfare and public sector pensions so I expect contributory and non-contributory pensions to be covered under the heading of “social welfare”.
Noonan is 70 years old. He’ll be long gone by the time the next generations come to retirement age.
This is all to fund unsustainable levels of spending in the here and now. I’d call it current spending but I don’t think that is the correct economic term.
You pay towards a pension X amount per month by way of PRSI. You expect to have that as a lump sum come retirement but it won’t be there for you.
It is misappropriation of client funds but you are not a client or a customer you are a citizen and it is your patriotic duty to support a state which has made it very clear that it won’t support you.
This is generating surprisingly little coverage today. Thought Morning Irelandwould be all over it but doesn’t seem to have bothered with it.
I actually thought there would be a generally positive media reaction to the notion of stimulus and a shift away from austerity, with only a secondary point about the implications of winding down the NPRF.