Opportunity for Irish pension schemes to invest here

merrionstreet.ie/index.php/2 … ere/?cat=3

In light of the recent downgrade of Ireland’s debt who in their right mind would invest their pension in Irish bonds.

Man alive, all you need is faith and liquidity and anyone can trade out of any crisis.

To be honest, it’s a match made in heaven.

and upon the news…

More fine work from MerrionStreet.ie - a government run propaganda outlet masquerading as a news service. Having squandered the NPRF the government now wants to get its hands on our private pension funds? Eh, no thanks.

:open_mouth:

I mean, I’m not shocked at the fact that we are hemorrhaging money, just surprised by the frank admission.
It signals to me that the government are way past the point of even giving a damn about pretending otherwise.

I’m not joking, I think we would honestly be better off with an international campaign led by Bob Geldof with the slogan ‘Give us your fooking money’.

Actually, the government has already taken control of a lot of private pension money and squandered it. The universities used to have privately-run pension schemes with real money in them (albeit with significant deficits, like most defined benefit schemes). In the last year the government has taken control of these schemes and put their funds into the NPRF, just in time to hand them over to various European banks and bondholders. So instead of the pensions being backed by real money, they are now backed by the worthless promises of a bankrupt government.

We can probably expect the government to take control of more pension funds with real money in them in their efforts to make sure that every international gambler who put a dodgy bet on an Irish bank gets their money back.

BG.

Eh, that would be a deficit of 1.3 bn euro, roughly speaking. Business and Finance has a piece on it:
businessandfinance.ie/bf/201 … eservefund

Any other departmental schemes were also rolled in.

Extra years were given out like candy to, IMO, undeserving bureaucrats. This has not helped those schemes.

But I agree with your substantive point. That current pensioners are getting their full whack, without limit, that now retiring politicians will end up with what can only be called massive pensions rubs salt into the the upcoming wounds of those who’ve just had three years added to their retirement date…

As a university employee, this was at the back of my mind. :frowning: Now, if you don’t mind, I’ll try to forget about it for the Christmas period lest it spoil the festive cheer.

The question of the investment of private pension funds has come up before. In fact, I believe the Spirit of Ireland crowd were suggesting that their bonds would be attractive for pension funds to buy into.

I wish people would leave pension funds alone. They’re doing badly enough as it is.

+1
Meddling in pensions is the ultimate alarm bell.

bbc.co.uk/news/business-11975306

:angry:

It should be a rule of all democracies that the fate of the ruling government’s pensions should be directly tied to the pensions of the masses. In other words, anyone suggesting that Irish pensions should gamble on bankrupt countries’ bonds should be forced to gamble their own fortunes on them too.

Looks like someone has got at the wikipedia entry - the pension scandal is barely mentioned - here’s the full skinny.
independent.co.uk/opinion/co … 80025.html

Obviously Maxwells minions are keeping up with the times - there were numerous references to the pension scandal on wikipedia when I looked earlier in the year.