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Posts tagged ‘Lump sum’

Political pensions: The costs

Logo of the Oireachtas of Ireland

Logo of the Oireachtas of Ireland (Photo credit: Wikipedia)

Political pensions and lump sums for former TDs, Ministers and Senators have cost nearly €2 million every single month over the past year and a half.

An estimated €32.7 million has been spent by the Oireachtas and Department of Finance since January 2011 on pensions for former politicians. The cost includes more than €9.5 million paid in lump sums to the record number of public representatives who retired after the last election. A further €1.5 million was paid out in termination lump sums with another €3.24 million given out in ‘termination payments’.

In total, once-off payments came to €14.35 million with a further €12.68 million paid on actual ongoing pension payments. A detailed breakdown of expenditure, which was first obtained by the Irish Mail on Sunday, shows that €371,234 has been paid out by the Oireachtas every single week since January 2011.

Around €5.2 million has been paid out during the same period in Ministerial pensions with a further €515,540 paid out in ‘severance’ payments. When the Department of Finance payments are taken into account, the weekly cost to the taxpayer has been €449,757 over the past seventeen months

full article at source:http://thestory.ie/2012/06/21/political-pensions-the-costs/

Generous entitlements for state bodies top staff

Generous entitlements do more than soften the blow  

POLITICIANS

are entitled to a myriad of payments which depend on their position upon retirement and their length of service. Their termination lump sum and payment is calculated on their current salary, which also includes any extra allowances for whips and committee chairmen. However, their pension is calculated on their salary prior to the pay cut announced last year. Previous positions held, such as that of a committee chairman, also boost their pension payments. Ministerial pensions are paid in addition to the TDs pension. All pension entitlements are payable from the age of 55 and increase in line with salary increases. The following are the various entitlements TDs can expect on losing their seat or retiring. Termination lump sum: Calculated as a portion of their current TDs salary, about two months’ worth. Generally non-taxable. Termination payment: A taxable sum paid each month for the first year of retirement. Pension: Calculated as 1/40 of their salary prior to the pay cut, multiplied by their years for service, up to a maximum of 20 years. Pension lump sum: Calculated at three times their annual pension up to a maximum of 1.5 times the annual salary. Non-taxable. Ministerial pension: Applicable to all ministers, ministers of State, Ceann Comhairles and Cathaoirleachs, both sitting and those who previously held positions. It is a percentage of their salary, based on the number of years service. Ministerial severance: Payable to sitting ministers for a maximum of two years. It is calculated as a percentage of salary and length of service. It cannot be claimed at the same time as the ministerial pension. As it is generally worth more to recipients, those eligible usually opt to begin their pension straightaway.

Edel Kennedy Irish Independent

But it’s not only the politicians that are fleecing the taxpayers of this country the states  quangoes  are stuffed to the gill with rip off merchants looking out for themselves read the following

By Katherine Donnelly

Saturday December 04 2010

TAXPAYERS picked up half the tab for home entertaining by internationally renowned pianist John O’Conor, as well as an annual salary worth €225,000 in his role as Director of the Royal Irish Academy of Music (RIAM).

Neither had the approval of the Department of Education, which pays about €4m a year to the academy to cover half its running costs.

The pay and perks package for Dr O’Conor, who retired this year, was uncovered in an audit by the State spending watchdog, the Comptroller and Auditor General (C&AG).

The C&AG also found four staff in another educational organisation had their pensions topped to the combined tune of €800,000 in an early retirement deal. The C&AG reports are now to undergo a probe by the Dail Public Accounts Committee (PAC). Dr O’Conor’s remuneration arose from two separate contracts he had with the RIAM, as well as additional payments for extra services.

In 2008 he received:

  • €138,072 for the part-time post as RIAM director, including an €88,200 payment into a private pension policy.
  • €65,254 as a part-time music teacher.
  • €21,698 for a two-day piano workshop for teachers.
  • €500 for a concert fee.

 

There was no record of formal approval by the Governing body for the arrangements around the piano workshop in September 2008, for which Dr O’Conor received more than half the income of €39,775.

Dr O’Conor also had an expenses budget of €23,000 for 2008, of which he received €22,963, as well as €5,325 in travel costs and €1,322 for other sundries. When he submitted his monthly credit card bill invoices were not attached.

Most of the claims were for restaurant meals for named individuals and “there were also substantial claims in relation to catering costs for hospitality provided in his home” for which guest listings were supplied.

Waste

Meanwhile, the Further Education and Training Awards Council (FETAC) did not have the required approval from either its own council or the Minster for Education for the pension top-ups to the value of €800,000 for four staff who retired as part of the amalgamation process with two other education bodies.

PAC chairman Bernard Allen last night hit out at the “flaw and waste” in bodies that had received substantial State funding. “Last September, a C&AG report highlighted practices in universities whereby some staff were paid unauthorised salaries and bonuses. Regrettably, this report seems to show more of the same.”

– Katherine Donnelly

Irish Independent

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