The Department for Social Protection recently announced a number of changes with immediate effect and a number of proposed changes due to come into effect in the coming months. These changes will affect all Defined Benefit pension schemes.
Pension Shock public service pensions The cost of public sector pensions is lower than the cost of private sector pensions on a €1 for €1 basis: a key difference is that in the private sector the money leaves the country to invest in foreign AAA rated Government bonds. This increases the cost of private sector pensions radically.
Pension Shock charges This sets out further information in relation to pension charges. Before arranging any financial product, it is important to scrutinise the charges. The efficiency of existing financial products should also be reviewed periodically.
An article prepared for “The Professional” magazine as published in their July edition.
Attached below is the Irish Times article on teachers’ pensions in response to the publictaion of our Report, 09 November 2010.
Attached below is a copy of the Trident Consulting report Future Pension Provision commissioned by the Association of Secondary Teachers In Ireland, the Irish National Teachers Organisation and the Teachers Union of Ireland.