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Will you be able to physically and or mentally work until 70?
Yes 39%  39%  [ 14 ]
No 58%  58%  [ 21 ]
Other (explain pls) 3%  3%  [ 1 ]
Total votes : 36
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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Dec 07, 2017 5:39 am 
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https://www.rte.ie/news/ireland/2017/12 ... c-service/

It begins......


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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Dec 07, 2017 12:14 pm 
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Blindjustice BATONEFFECT wrote:
https://www.rte.ie/news/ireland/2017/1206/925312-retirement-public-service/

It begins......



Quote:
Paschal Donohoe said that as people were living longer and were in better health, many public servants wanted to work for longer, but could not because of a mandatory retirement age of 65 for those recruited before 2004.


Isn't it terrible Joe... :D

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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Dec 07, 2017 6:32 pm 
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Open Window wrote:
Blindjustice BATONEFFECT wrote:
https://www.rte.ie/news/ireland/2017/1206/925312-retirement-public-service/

It begins......



Quote:
Paschal Donohoe said that as people were living longer and were in better health, many public servants wanted to work for longer, but could not because of a mandatory retirement age of 65 for those recruited before 2004.


Isn't it terrible Joe... :D

Indeed many private sector workers would like to work and get well paid until 70.
Will that even happen until age 60?
Will it f#ck...

This seems to me just a way to keep the public sector pay train chugging along well past peak productivity years (I know - there are always exceptions). Is there any talk that people could accept diminished responsibilities, and so reduced pay? Of course not.
As currently described this will balloon the amount needed every year for public sector pay.... which to be fair is probably the exact intention.
:-GC


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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Dec 07, 2017 6:52 pm 
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FTBer wrote:
This seems to me just a way to keep the public sector pay train chugging along well past peak productivity years (I know - there are always exceptions). Is there any talk that people could accept diminished responsibilities, and so reduced pay? Of course not.
As currently described this will balloon the amount needed every year for public sector pay.... which to be fair is probably the exact intention.
:-GC

I used to have a public sector job in the UK and the retirement age was 60, but staff could return as "retreads" (Retired & Reinstated).
Essentially this meant that they came back and continued to work, but, they were re-employed at the bottom of the scale and as experienced members of the team they were treated well as cut priced consultants.

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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Dec 07, 2017 11:57 pm 
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dolanbaker wrote:
FTBer wrote:
This seems to me just a way to keep the public sector pay train chugging along well past peak productivity years (I know - there are always exceptions). Is there any talk that people could accept diminished responsibilities, and so reduced pay? Of course not.
As currently described this will balloon the amount needed every year for public sector pay.... which to be fair is probably the exact intention.
:-GC

I used to have a public sector job in the UK and the retirement age was 60, but staff could return as "retreads" (Retired & Reinstated).
Essentially this meant that they came back and continued to work, but, they were re-employed at the bottom of the scale and as experienced members of the team they were treated well as cut priced consultants.

That sounds like a really good & practical idea. I fear that in Ireland it would mean people being brought in at the top of scale rather than bottom because "that's where they were before they left" etc etc. Which defeats the purpose entirely.


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 Post subject: Re: Work until 70 - Poll added
PostPosted: Fri Dec 08, 2017 5:09 am 
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We also have an indirect unintended consequence in the making....if enough people do this then borrowing for housing takes it into account and suddenly we have to compete with people working another 5 years or more


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 Post subject: Re: Work until 70 - Poll added
PostPosted: Fri Dec 08, 2017 12:28 pm 
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There are currently two main streams for retirement age in the service:
-Pre 2004 can go from 60 and must go at 65
-Since 2004 staff can go from 65 and must go at 70

There are also a small cohort who have no mandatory retirement age. That will be fun when some are 80 and still coming in and it will happen...

Most of my older colleagues prefer to retire at 60. I have witnessed two in the past year who only went at 65 because they had too. Both were unmarried and the work was their only social outlet and all they knew. They would definitely stay to 70. Problem for the office is they were not very productive after 60. Depts now facing into 10 years of disengagement instead of 5 which was bad enough.

Very demoralising for younger staff looking at someone who is 61 and not doing a tap of work, on twice the salary. Now you will also wait a further 5 years for that promotion to become available,


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 Post subject: Re: Work until 70 - Poll added
PostPosted: Sat Dec 16, 2017 12:11 pm 
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Can this new plan halt Ireland’s looming pension crisis? - Samantha McConnell -> http://www.thejournal.ie/readme/ireland ... 8-Mar2015/

Quote:
IT MAY HAVE gone unnoticed, but the Government recently announced that it was planning for the introduction of universal pension coverage in Ireland.
This decision came almost two years after a report by the OECD recommended that mandatory pensions be introduced here. It also follows the introduction of auto-enrolment in the UK, a type of pension coverage system that allows employees to opt in and out.
As a first step, our Government appointed an expert group to look at how a system of mandatory occupational pensions would be implemented here. Until that group provides its proposal, we do not know exactly what type of mandatory pension system will come in. However, we do know with certainty that the current system is unsustainable and needs a radical overhaul.
<snip>
(Samantha McConnell is Chief Investment Officer & Chief Operations Officer with Willis.)

there is more



Pension Reform: The risks of procrastination - Jonathan Williams -> https://www.ipe.com/pensions/pensions-i ... 90.article

Quote:
At a glance
  • Echoing its predecessors, Ireland’s current minority government wishes to improve the level of pension saving. This is likely to be achieved through auto-enrolment.
  • Reforms are expected to build on recommendations from the Pensions Authority to simplify and consolidate the market, boosted by the introduction of master trusts.
  • The regulator wishes to reduce the number of lay trustees.

there is more



Strong support for mandatory pension scheme - Charlie Weston -> https://www.independent.ie/business/per ... 72354.html

Quote:
A large majority of PAYE taxpayers are in favour of a new automatic pension scheme being introduced for those who have no occupational pension.
The survey from tax specialists Taxback.com found that 84pc of people would be in favour of an auto-enrolment type scheme.
The Government has plans to bring in this type of scheme, with the Taoiseach recently telling the Dáil he intends to bring forward proposals for an auto-enrolment scheme. But he gave no time frame for this.
Auto-enrolment involves people being automatically signed up to a pension scheme and having to actively opt out of such an arrangement.

there is more



Pension schemes see black holes balloon despite €10bn 'bailout' - Charlie Weston -> https://www.independent.ie/business/per ... 89422.html

Quote:
The majority of private pension schemes have significant deficits despite employees and companies pumping in almost €10bn within the past six years.
The black hole in the pension pots of the State's large private companies and semi-states has shot up by €1bn this year alone.
This has sparked fears more pension schemes will be forced to close or restructure - or employees will face largely reduced pensions and have to work much longer before they can retire.
Traditional defined-benefit pension schemes are becoming impossible to fund even with reduced benefits and a €10bn bailout, according to a damning new report.

there is more



(UK) One in eight workers on the cusp of leaving their pension scheme, Aviva warns - Lucy Burton, Jack Torrance -> http://www.telegraph.co.uk/business/201 ... iva-warns/

Quote:
One in eight workers are thinking about leaving their workplace pension schemes when contributions rise next April, according to research by Aviva.
The insurance giant said that while only 4pc of people have definitely ­decided to opt out of their pension schemes next April, with half of people still planning to save into one, everyone else is on the fence.
Automatic enrolment began in 2012, with current rules requiring 2pc of an employee’s salary be paid into their pension. Next April that will rise to 5pc, of which workers pay 3pc; in 2019 it will increase to 8pc.
There are concerns that the increases could lead to more people opting out of saving into their pension, with insurance giant Aviva noting that over a third of workers are yet to decide what to do.

there is more




Obviously the maths of the old schemes no longer work since when they started people died in their 70s, inflation was 10%+ per annum and schemes didn't have to give pension increases the maths probably did work. Lower inflation, zero interest rates, successive legislation and improving life expectancy are the biggest killers to these schemes, auto-enrolment as a solution only moves the liabilities around.


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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Dec 27, 2018 5:20 am 
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Public servants now allowed work until they are 70
http://www.rte.ie/news/politics/2018/12 ... etirement/


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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Dec 27, 2018 5:44 am 
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The people who want to work until 70 plus are going to be in cushy numbers. Those who have to work are likelier in tougher jobs. Hard to see every 70 year old being able to build a house, service a car and to be honest all day long working on a mouse and keyboard is giving me repetitive strain . I will not be able to do this in my 60s nevermind 70


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