NPRF pension raid.

independent.ie/business/pers … 43703.html

If these Guys were Pension Trustees you could bring them to Court.

I have been paying PRSI for long enough to qualify for a state contributory pension. It looks like there will be no pension for me when I retire at age 67… well at least not in Ireland.

What is the National Pension reserve fund?
Well here is what they say about it on nprf.ie.

So, now with it being wound up it appears that there was never a need for the NPRF and we’ll all be grand from 2025 onward without it.

It looks like they intend to leaving nothing in the Kitty for when FF get back in…

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.

+1
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.

This can hardly come as a surprise to people… every deal that is made in Ireland is made with the view of protecting the now and to hell with the next!

Anyone who is looking for the state to do anything other than to suck the life out of you in your ageing years is living in la la land.

wasn’t the NPRF originally intended to pay for public service pensions only? (maybe I read that on here in one of the PS-bashing threads).

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”.

That’s virtually a given at this stage as the baby boomers set fire to everything in an effort to keep their own standard of living.

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.

I dont think it is destined for roads.
What will the banks do now that their piggy bank is gone?

Actually, there’s no lump sum, but you do expect a weekly pension in return for paying PRSI.

The age at which your pension is payable is being extended out, so you have longer to wait for it. Expect the age to go up, and up again!

Expect the amount payable to be reduced.

People who have never worked, or never paid PRSI are entitled to practically as much as those who work for 40+ years.

And as a previous poster said, if you pay for a private pension you may well find that you have disqualified yourself from the state pension as a result of your prudence, foresight and hard work .

Why is this new?

replace X with anything means tested (and selectively means tested at that) :

  • College Grants
  • Unemployment Benefit
  • “Communion Grants”

Because the Contributory Old Age Pension is based on your PRSI record and is not currently means tested.

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.

I’m not really sure what the point of having a “reserve fund” is.

Future pensions will be paid from future taxes, just like current pensions are paid from current taxes.

Why not just pay down the debt?

If it’s spent on something that will lead to long-term economic growth (and therefore higher future tax revenues) then it makes sense.

Big “if”.

sounds like one last gamble.

are we that forked?