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    "We're not f*cking Burundi" - Big Phil

    Comment


      Originally posted by Hitchhiker's Guide To... View Post
      The key to solving the pension crisis is, quite simply, for people to actually save for their pensions. Something that a ridiculous number of people don't do.

      The huge majority of people who complain about public sector pensions begin high, don't save even slightly close to the same 13% of their pay each year into a pension. (the pensions are still high, but maybe because of the assumed employer contribution which happens in private sector pensions but not public sector).

      Not sure when pension auto-enrollment is starting / started? But that's a big step in the right direction. The problem being that it is 12% (unless it has changed) pension saving per year - 4% employee, 4% employer, 4% state. While really you need that percentage to be up around 20%.
      I think the issue with PS pensions is not that they exist, it's the gold-plated DB nature of them and the fact that they are unfunded - we pay for them out of current tax revenues.
      Pensions like that literally don't exist in the private sector any more, certainly for anyone still working.

      13% sounds like a lot for a pension contribution but if you take what it would actually cost to fund a PS pension, it would be a multiple of that 13%. In fact you would have to pay more than 50% of salary to fund a PS pension. V will have the numbers.

      So fine - have a great pension, that's great. But please don't ask everyone else to pay for it. That's where the complaints come from.
      "We are not Europeans. Those people on the continent are freaks."

      Comment


        We need some kind of virus that targets the older generation and the poor .

        I see Trump is sending Feds into Doonbeg due to a millyup in the clubhouse last week over slow play.

        Comment


          Where do you get 13% from by the way Hitch?
          "We are not Europeans. Those people on the continent are freaks."

          Comment


            ...
            "We're not f*cking Burundi" - Big Phil

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              ...
              "We're not f*cking Burundi" - Big Phil

              Comment


                Originally posted by Hitchhiker's Guide To... View Post

                Has it changed: thought it was 6.5% contribution and 6.5% levy when I was last there.
                you might want to fast forward a few years
                "We are not Europeans. Those people on the continent are freaks."

                Comment


                  ...
                  "We're not f*cking Burundi" - Big Phil

                  Comment


                    Pensions? The Axis of Rationality will have to deploy Raoul for this one. Not an area I can help with
                    You are technically correct...the best kind of correct
                    World Record Holder for Long Distance Soul Reads: May 7th 2011

                    Comment


                      Originally posted by Raoul Duke III View Post
                      So fine - have a great pension, that's great. But please don't ask everyone else to pay for it. That's where the complaints come from.
                      The public gets us at a big discount on market rates for 40 years so it's the least they can do!

                      My pension+levy looks to come to around 10.2% of gross.

                      Comment


                        It's not just public pensions that have the problem. even funded pensions are predicated on the pension fund making 7% a year. In a world with negative interest rates 7% is very difficult to make. The upshot will be pension funds taking on bigger and bigger risk, which will lead to some of them blowing up. https://www.ft.com/content/2a6ec6aa-...8-83789a2bc481

                        Comment


                          Originally posted by Raoul Duke III View Post
                          So fine - have a great pension, that's great. But please don't ask everyone else to pay for it. That's where the complaints come from.
                          The public gets us at a big discount on market rates for 40 years so it's the least they can do!

                          My pension+levy looks to come to around 10.2 % of gross.

                          Comment


                            Originally posted by Hitchhiker's Guide To... View Post

                            Now I'm scared. I'm being so screwed on rent and school fees, that I can't handle any more knocks to the family income!
                            no, no - it's good news (see Zuut).

                            You are of course wrong again on the 13% bit. But you should be used to that by now.
                            "We are not Europeans. Those people on the continent are freaks."

                            Comment


                              ...
                              "We're not f*cking Burundi" - Big Phil

                              Comment


                                Originally posted by zuutroy View Post
                                My pension+levy looks to come to around 10.2 % of gross.
                                Cool, so now we know what you pay towards your pension. We have a baseline.

                                Now, in terms of what you get - what are the headline terms of your pension?
                                1. retirement age?
                                2. % of final salary?
                                3. index-linked?
                                4. lump sum?
                                (this is public information so not like I'm asking you to disclose anything private)
                                "We are not Europeans. Those people on the continent are freaks."

                                Comment


                                  ...
                                  Attached Files
                                  "We're not f*cking Burundi" - Big Phil

                                  Comment


                                    1. 65 I think because I joined a long time ago...think it's 67 now? Don't really mind as I'll probably work as long as I'm allowed.

                                    2. 1.25% per year of service up to a max of 50%

                                    3. I think so...You continue to get x% of whatever the current salary for whatever your retirement point on the scale was.

                                    4. 1.5x final salary if you've completed 40 years....Pro-rated if you haven't.

                                    Comment


                                      Originally posted by zuutroy View Post
                                      1. 65 I think because I joined a long time ago...think it's 67 now? Don't really mind as I'll probably work as long as I'm allowed.

                                      2. 1.25% per year of service up to a max of 50%

                                      3. I think so...You continue to get x% of whatever the current salary for whatever your retirement point on the scale was.

                                      4. 1.5x final salary if you've completed 40 years....Pro-rated if you haven't.
                                      How long do you plan on living after retirement?

                                      Comment


                                        ...
                                        "We're not f*cking Burundi" - Big Phil

                                        Comment


                                          Originally posted by zuutroy View Post
                                          1. 65 I think because I joined a long time ago...think it's 67 now? Don't really mind as I'll probably work as long as I'm allowed.

                                          2. 1.25% per year of service up to a max of 50%

                                          3. I think so...You continue to get x% of whatever the current salary for whatever your retirement point on the scale was.

                                          4. 1.5x final salary if you've completed 40 years....Pro-rated if you haven't.
                                          OK, so let's do a little exercise.
                                          Prepare the assumptions:
                                          1. I have no idea what you earn but let's say 80k (probably short-changing you here )
                                          2. let's say you will retire at 65
                                          3. let's say you are 40 (close enough, right)
                                          4. imagine for a second you are a private sector worker and you have been diligently contributing 10% p.a. since you started working and your fund now stands at 200k (this is a really generous assumption but it works to your benefit)

                                          and let's plug your numbers into a pension calculator

                                          and let's tell the calculator you want to have a target retirement income of 50%, i.e. 40k p.a.
                                          That's a nice chunk of change for a retiree.
                                          Ignore the state pension for now as everyone gets this - let's just focus on what you get via your own funding.

                                          calculator says:

                                          you are not expected to meet your Target Pension of €40,000 p.a. in retirement.You need to increase your contributions to 25.3% of Salary a year in order to meet your Target Pension. Alternatively, you could consider reducing your Target Pension in retirement or retiring at a later age.
                                          now we can argue about ARFs vs Annuities etc but you are not meeting the Hitch test for pension funding i.e.

                                          Originally posted by Hitchhiker's Guide To... View Post
                                          The key to solving the pension crisis is, quite simply, for people to actually save for their pensions. Something that a ridiculous number of people don't do.
                                          and
                                          Originally posted by Hitchhiker's Guide To... View Post
                                          Really wish they would switch to a funded model. Where they actually set aside the substantial amount contributed each year by public sector workers towards their pension.
                                          Ironically Hitch was relatively close for once with his estimate of:

                                          Originally posted by Hitchhiker's Guide To... View Post
                                          T The problem being that it is 12% (unless it has changed) pension saving per year - 4% employee, 4% employer, 4% state. While really you need that percentage to be up around 20%.
                                          although that was obviously an underestimate



                                          "We are not Europeans. Those people on the continent are freaks."

                                          Comment


                                            How much money was spent plastering Imelda mays cringe poem up on billboards around the country (saw 1st one in the wild yesterday)
                                            if a child wrote that you’d roll your eyes and pat them on the head not sure why it’s getting the billboard treatment

                                            Comment


                                              Your pensions will be seized and you will just sit there and take it

                                              Comment


                                                ...
                                                "We're not f*cking Burundi" - Big Phil

                                                Comment


                                                  Originally posted by Hitchhiker's Guide To... View Post
                                                  Remember Raoul that zuut is on the old pension scheme. It's a different scheme now - the single superannuation scheme. % of final salary is gone for a start.
                                                  I'm using the numbers he supplied
                                                  "We are not Europeans. Those people on the continent are freaks."

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                                                    ...
                                                    "We're not f*cking Burundi" - Big Phil

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                                                      ...
                                                      "We're not f*cking Burundi" - Big Phil

                                                      Comment


                                                        Originally posted by Hitchhiker's Guide To... View Post
                                                        I see Saoirse McHugh has left Greens to join (unstated as of yet) Sinn Fein. She may find the discipline in SF a bit more effective and rigorous at managing her.
                                                        Multiple election loser throws toys out of pram , what’s the story here?

                                                        Comment


                                                          Originally posted by Hitchhiker's Guide To... View Post
                                                          Remember Raoul that zuut is on the old pension scheme. It's a different scheme now - the single superannuation scheme. % of final salary is gone for a start.
                                                          I'm not seeing the average in your diagram? Is that "renumeration"?
                                                          Last edited by Tar.Aldarion; 23-07-20, 10:06.

                                                          Comment


                                                            Originally posted by Hitchhiker's Guide To... View Post

                                                            and it was very impressive number clicking skills - I meant to compliment you on that.

                                                            I was just completing the picture for the interested reader (of which I'd highly doubt there are many left), that the generosity of the old scheme has been replaced by a new scheme which doesn't offer the same benefits.
                                                            please give us the equivalent new scheme details and we can click numbers on that too.
                                                            "We are not Europeans. Those people on the continent are freaks."

                                                            Comment


                                                              ...
                                                              "We're not f*cking Burundi" - Big Phil

                                                              Comment


                                                                Originally posted by Hitchhiker's Guide To... View Post
                                                                Hard to see Johnny Depp losing this case at the moment. Kinda glad to see that, as his movie druggy harmless persona seems quite realistic so far.
                                                                Still think Johnny is on a winner? Difficult not to be reminded of Oscar Wilde's libel case imo.
                                                                Gone full 'Glinner' since June 2022.

                                                                Comment


                                                                  Don't think she's joining SF

                                                                  Splits in the greens are inevitable as in all puritan / utopian groupings.

                                                                  If Martin wins leadership you may as well start printing the election posters. Sounds like she won't but what I was hearing at the time from Greens who needed to be persuaded to go into government was that Ryan's head was the price of their vote.

                                                                  Turning millions into thousands

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                                                                    ...
                                                                    "We're not f*cking Burundi" - Big Phil

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                                                                      ...
                                                                      "We're not f*cking Burundi" - Big Phil

                                                                      Comment


                                                                        Originally posted by Raoul Duke III View Post

                                                                        calculation

                                                                        Have to admit this stuff is largely Greek to me, but should does your calculation take account of the fact that I've already been paying in for more than a decade? In any case, it says I would need to be contributing 25% and I'm contributing 10% but don't most employers match what the employee puts in to a pension as part of overall remuneration....That gets us much closer to the 25% no? Also as I mentioned the pay is about 50-100% lower than the private sector would offer so I think the tax-payer gets pretty decent value for money over the totality.

                                                                        Comment


                                                                          Originally posted by Hitchhiker's Guide To... View Post

                                                                          I'm not your secreta ... oh okay then. Sourced from here.
                                                                          • Retirement age is 68
                                                                          • Benefits are index linked to inflation rather than current salaries
                                                                          • Tax Free Lump Sum Calculations = Gross Pensionable Salary x 3.75%
                                                                          • Pension Calculations= Gross Pensionable Salary x 0.58% (up to salary threshold of €48,000 approx) PLUS Gross Pensionable Salary x 1.25% (salary earned over the threshold of €48,000)
                                                                          I suspect the last line can be roughly translated as '50% of average salary rather than final salary'
                                                                          I think the zzuut example still applies. You're on 80k, you want 40k p.a. in retirement - you need to be paying over 25% of income into a pension (not the 10% you currently pay)

                                                                          And of course, you have no investment risk whatsoever. Nice!
                                                                          "We are not Europeans. Those people on the continent are freaks."

                                                                          Comment


                                                                            Originally posted by zuutroy View Post

                                                                            Have to admit this stuff is largely Greek to me, but should does your calculation take account of the fact that I've already been paying in for more than a decade?
                                                                            that's the assumed existing pot of 200k (which is very generous but I'm a nice guy) that I gave you

                                                                            Originally posted by zuutroy View Post
                                                                            In any case, it says I would need to be contributing 25% and I'm contributing 10% but don't most employers match what the employee puts in to a pension as part of overall remuneration....That gets us much closer to the 25% no?
                                                                            average employer contribution is about 5% (some pay more, some pay nothing). So you would still need to double your existing contribution, at least.

                                                                            Originally posted by zuutroy View Post
                                                                            Also as I mentioned the pay is about 50-100% lower than the private sector would offer so I think the tax-payer gets pretty decent value for money over the totality.
                                                                            This makes you sound rather silly tbh rather than some kind of altruistic patriot.

                                                                            If you can truly get 50-100% more for doing the same job, that is an absolute no-brainer of the highest order.
                                                                            "We are not Europeans. Those people on the continent are freaks."

                                                                            Comment


                                                                              Originally posted by Hitchhiker's Guide To... View Post


                                                                              What do you think yourself?
                                                                              I think he was foolish to take the case. Think most jurys will want to punish him for being such a gobshite, regardless of the witness statements which don't amount to much either way.
                                                                              Gone full 'Glinner' since June 2022.

                                                                              Comment


                                                                                Things change, wouldnt be pinning all your hopes on your pension scheme. My "Rolls Royce" DB scheme started to become underfunded through various crashes over the years and the ladder was pulled up after 15 years of ploughing into it. Barely worth a decent weekend session these days

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                                                                                  Originally posted by zuutroy View Post

                                                                                  ...o? Also as I mentioned the pay is about 50-100% lower than the private sector would offer so I think the tax-payer gets pretty decent value for money over the totality.
                                                                                  How’s the productivity?

                                                                                  Comment


                                                                                    Originally posted by Hectorjelly View Post
                                                                                    It's not just public pensions that have the problem. even funded pensions are predicated on the pension fund making 7% a year. In a world with negative interest rates 7% is very difficult to make. The upshot will be pension funds taking on bigger and bigger risk, which will lead to some of them blowing up. https://www.ft.com/content/2a6ec6aa-...8-83789a2bc481
                                                                                    They are effectively public pensions CalPers is the California state scheme for police, etc. The 7% target they have is a bit of a bogey as it doesn’t take inflation into account. When inflation is high, investment returns are higher, yields are higher and the static 7% bogey is easy to hit with mid-range risky assets. Now when inflation is low, whilst the salaries are growing slower the overall fund which base the base salary and growth in salary on retirement is hamstrung forcing it into ever riskier assets. The cost of giving a fixed income to someone shoots through the roof, as €1m pot might have got you €60k/year in the 80s you get say €15k a year now, so when no one wants to take annuities you’re forced into taking risk even in the private side.

                                                                                    Comment


                                                                                      Originally posted by Raoul Duke III View Post

                                                                                      I think the issue with PS pensions is not that they exist, it's the gold-plated DB nature of them and the fact that they are unfunded - we pay for them out of current tax revenues.
                                                                                      Pensions like that literally don't exist in the private sector any more, certainly for anyone still working.

                                                                                      13% sounds like a lot for a pension contribution but if you take what it would actually cost to fund a PS pension, it would be a multiple of that 13%. In fact you would have to pay more than 50% of salary to fund a PS pension. V will have the numbers.

                                                                                      So fine - have a great pension, that's great. But please don't ask everyone else to pay for it. That's where the complaints come from.
                                                                                      Isn't that what we had the pension reserve fund for before we put it into the banks?

                                                                                      Comment


                                                                                        Originally posted by Raoul Duke III View Post



                                                                                        This makes you sound rather silly tbh rather than some kind of altruistic patriot.

                                                                                        If you can truly get 50-100% more for doing the same job, that is an absolute no-brainer of the highest order.

                                                                                        Not altruistic. I just couldn't face the private sector. Colleagues including your former neighbour who were a few years younger than me jumped ship to the data analytics train and are on 50% more but it sounds like absolute misery.

                                                                                        Comment


                                                                                          Originally posted by Goodluck2me View Post

                                                                                          How’s the productivity?
                                                                                          7 papers published and it's only July! Keeping your friends in Portland who give us some money happy.

                                                                                          Comment


                                                                                            Hope I’m not funding the pensions of these cunts and their “research”, this has been known for years
                                                                                            ”The researchers at Trinity found Google Play Services contacts Google servers roughly every 10-20 minutes, allowing fine-grained location tracking via IP address.

                                                                                            They have said Google Play also shares the phone international mobile equipment identity (IMEA), hardware serial number, SIM serial number, handset phone number and user email address with Google, together with fine-grained “data on the apps running on the phone.”
                                                                                            Last edited by Guest; 23-07-20, 12:38.

                                                                                            Comment


                                                                                              Originally posted by Denny Crane View Post

                                                                                              Isn't that what we had the pension reserve fund for before we put it into the banks?
                                                                                              it was only in it's infancy (NPRF) at that stage, think the estimate at that stage was that it needed 400bn+ to actually fund future liabilities but had less than 10 when wound up
                                                                                              "We are not Europeans. Those people on the continent are freaks."

                                                                                              Comment


                                                                                                Originally posted by ComradeCollie View Post

                                                                                                I think he was foolish to take the case. Think most jurys will want to punish him for being such a gobshite, regardless of the witness statements which don't amount to much either way.
                                                                                                She takes the bitches be crazy tagline to extremes . He will get off easily .

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                                                                                                  Originally posted by zuutroy View Post


                                                                                                  Not altruistic. I just couldn't face the private sector. Colleagues including your former neighbour who were a few years younger than me jumped ship to the data analytics train and are on 50% more but it sounds like absolute misery.
                                                                                                  Jesus, I'd say the same about the public sector.

                                                                                                  Especially when I hear some of the tales MrsD3 brings home.
                                                                                                  "We are not Europeans. Those people on the continent are freaks."

                                                                                                  Comment


                                                                                                    Extremely disingenuous to link this to the covid 19 tracker app when this snitching is baked in to all android phones by default.
                                                                                                    love that you will get morons deleting the app based on this article who will then happily keep using google play.
                                                                                                    The HSE has said it is important not to conflate issues with how Google enables apps through the store with the functionality of this particular app.



                                                                                                    Comment


                                                                                                      Originally posted by Solksjaer! View Post

                                                                                                      She takes the bitches be crazy tagline to extremes . He will get off easily .
                                                                                                      He’s come across as a sad old degen throughout it all, no winners in this case, he’s done more damage to his rep in taking the case than any that was done by the original article

                                                                                                      Comment


                                                                                                        Originally posted by Solksjaer! View Post

                                                                                                        She takes the bitches be crazy tagline to extremes . He will get off easily .
                                                                                                        He's not accused of anything. He's trying to prove that the Sun damaged his reputation when they called him a wife beater. I'd be of the opinion that it enhanced his reputation.
                                                                                                        Gone full 'Glinner' since June 2022.

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                                                                                                          ...
                                                                                                          "We're not f*cking Burundi" - Big Phil

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                                                                                                            ...
                                                                                                            "We're not f*cking Burundi" - Big Phil

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                                                                                                              Any1 see the video of her smirking through the questions. Hardly the facade of a woman getting abused. She is hawt and now I see she is a looney VERY HAWT.

                                                                                                              Comment


                                                                                                                Originally posted by zuutroy View Post

                                                                                                                7 papers published and it's only July! Keeping your friends in Portland who give us some money happy.

                                                                                                                Did you ever pull the trigger on the Millesima vino?

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                                                                                                                  argumentative Hitch

                                                                                                                  No matter how wrong or scatter gun his statements about Russia and China its very telling the way the focus of the extreme right has shifted to fighting the cause of single group of long persecuted Muslim group just at the time when their hero, the POTUS once the leader of the free world is sending real live Jackbooted thugs onto the streets of cities led by his political enemies to beat up people as an electioneering stunt.

                                                                                                                  Interview with the guy from Portland police on Newsnight was shocking with some extremely disturbing undercurrents.
                                                                                                                  Turning millions into thousands

                                                                                                                  Comment


                                                                                                                    Originally posted by PSV58 View Post
                                                                                                                    Hope I’m not funding the pensions of these cunts and their “research”, this has been known for years
                                                                                                                    ”The researchers at Trinity found Google Play Services contacts Google servers roughly every 10-20 minutes, allowing fine-grained location tracking via IP address.

                                                                                                                    They have said Google Play also shares the phone international mobile equipment identity (IMEA), hardware serial number, SIM serial number, handset phone number and user email address with Google, together with fine-grained “data on the apps running on the phone.”
                                                                                                                    yeah, this was touted as a security leak in the Covid tracker in the papers. On reading it, I saw it was usual journalism shitery
                                                                                                                    People say I should be more humble I hope they understand, they don't listen when you mumble
                                                                                                                    Get a shiny metal Revolut card! And a free tenner!
                                                                                                                    https://revolut.com/referral/jamesb8!G10D21

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                                                                                                                      ...
                                                                                                                      "We're not f*cking Burundi" - Big Phil

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                                                                                                                        Originally posted by Lao Lao View Post


                                                                                                                        Did you ever pull the trigger on the Millesima vino?
                                                                                                                        No, I'm waiting on a bill for plane maintenance so I don't want to see that number before I go mad spending. It's a bit annoying the way the basket empties after a couple of days. I spent a while browsing one night and now it's back to square one.

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                                                                                                                          Originally posted by ComradeCollie View Post

                                                                                                                          I think he was foolish to take the case. Think most jurys will want to punish him for being such a gobshite, regardless of the witness statements which don't amount to much either way.
                                                                                                                          It's the ultimate "when did you stop beating your wife"

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