Monday 11 December 2017

Pension truths

• There has been much comment to the effect that the public sector must take its share of the pension pain.

One such comment I read recently stated: "Public pension schemes are funded on a pay-as-you-go basis. Nothing is put aside during the employee's career. They had put aside nothing and that is what their pensions are worth, nothing."

As a person who has given 37 years in the public service (An Garda Siochana) I can assure you that I, and all my colleagues, paid 2.5pc of our pay as a pension contribution. We also paid an employee's PRSI contribution although we were apparently not entitled to any benefits under the Health Act for some time.

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