Tuesday 6 December 2016

Put guaranteed public sector pensions back on negotiating table

Published 19/11/2016 | 02:30

Pensions' Authority chairman David Begg Photo: Damien Eagers
Pensions' Authority chairman David Begg Photo: Damien Eagers

Here's something we need to talk about honestly. There is a danger that public sector pensions will bring this country to the brink of financial ruin again - not in the space of decades but within a handful of years.

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Public pensions are a perk enjoyed by some 18pc of the workforce, paid from the taxes of the other 82pc - who can only goggle at those guaranteed income levels after retirement. Meanwhile, many private schemes are floundering or closing down, with promised benefits turning to pie in the sky for workers who contributed to them in good faith.

The public service pension obligation is an oppressive and unmanageable burden on the State. It's a bill poised to keep growing, with life expectancies increasing. The Government should grasp this bull by the horns now, rather than wait for the inevitable blood, sweat and tears.

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