Comments on: Local government heroes.. http://www.sarahcarey.ie/2007/07/08/local-government-heroes/ An Irish woman's social, political and domestic commentary Sat, 19 Mar 2011 23:50:34 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Sarah http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89374 Sarah Mon, 09 Jul 2007 20:02:32 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89374 an insurance broker called Albert Dawson is trying to alert people to the costs of PRSA's. These are sold as low cost pensions BUT while the costs are low whilst you are actually contributing, the problems arise on maturity. There are very detailed rules about how you can draw down the money. You can have one small lump sum (I think) and then the rest has to be put in an AVC from which you can get an annuity when you reach 75 (stand to be corrected). The average sum saved is likely to be around 40k so the annuity will be modest enough. The fees taken from the management of that fund are very high. He doesn't recommend anyone take them out. an insurance broker called Albert Dawson is trying to alert people to the costs of PRSA’s. These are sold as low cost pensions BUT while the costs are low whilst you are actually contributing, the problems arise on maturity. There are very detailed rules about how you can draw down the money. You can have one small lump sum (I think) and then the rest has to be put in an AVC from which you can get an annuity when you reach 75 (stand to be corrected). The average sum saved is likely to be around 40k so the annuity will be modest enough. The fees taken from the management of that fund are very high. He doesn’t recommend anyone take them out.

]]> By: JVC http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89369 JVC Mon, 09 Jul 2007 19:41:58 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89369 Regarding pension schemes in the private sector The Pension companies should be obliged to provide a statement to every person in the scheme which shows exactly what deductions are made. Most schemes take 5% of what you contribute each month and between 0.5 and 1.5% of your fund value on a yearly basis This means that you contributions need to grow at least 6% just to break even. Because tax relief is given on the contributions most people do not notice this. When you get you a value for you fund this is all hidden. Regarding pension schemes in the private sector

The Pension companies should be obliged to provide a statement to every person in the scheme which shows exactly what deductions are made.
Most schemes take 5% of what you contribute each month and between 0.5 and 1.5% of your fund value on a yearly basis
This means that you contributions need to grow at least 6% just to break even.
Because tax relief is given on the contributions most people do not notice this.
When you get you a value for you fund this is all hidden.

]]> By: Sarah http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89352 Sarah Mon, 09 Jul 2007 18:04:10 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89352 VERY interesting Crewser. I must investigate further. Nice work ;-) VERY interesting Crewser. I must investigate further. Nice work ;-)

]]> By: The Crewser http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89277 The Crewser Mon, 09 Jul 2007 12:57:06 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89277 The Assessment System for the awards is interesting. You will not find this in any Newspaper but here it is. The Bonus awards are monitored by a group headed by The Secretary General of The Department of the Environment plus two serving Local Authority Managers (when the position of one of these members is under discussion, that member will withdraw, the other member will remain. The secretariat for this monitoring body is provided by the Local Government Personnel Section of the Dept. of the Environment. Also there are two members of the private sector. Who one wonders are these. Sounds like a nice cosy arrangement but one which needs urgent review. And Tom N just because I'm wearing a Blue shirt today doesn't mean I'm about to turn. The Assessment System for the awards is interesting. You will not find this in any Newspaper but here it is. The Bonus awards are monitored by a group headed by The Secretary General of The Department of the Environment plus two serving Local Authority Managers (when the position of one of these members is under discussion, that member will withdraw, the other member will remain. The secretariat for this monitoring body is provided by the Local Government Personnel Section of the Dept. of the Environment. Also there are two members of the private sector. Who one wonders are these. Sounds like a nice cosy arrangement but one which needs urgent review.
And Tom N just because I’m wearing a Blue shirt today doesn’t mean I’m about to turn.

]]> By: Joe’s Blog » Blog Archive » One for the Greens, one for FF, 10,000 for whoever wants it http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89242 Joe’s Blog » Blog Archive » One for the Greens, one for FF, 10,000 for whoever wants it Mon, 09 Jul 2007 10:00:38 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89242 [...] Sarah - All 274 local authority managers who applied for a bonus received one….averaging €10,000 [...] [...] Sarah – All 274 local authority managers who applied for a bonus received one….averaging €10,000 [...]

]]> By: Tom N http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89230 Tom N Mon, 09 Jul 2007 08:24:55 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89230 Flipping disgraceful! Does anybody think that the greatest irony is that Galway managers got the highest bonus. Cryptosporidium (excuse the spelling) debacle will hopefully come into account during the next appraisal. I cannot believe that I agree with the Crewser (BCF). Flipping disgraceful! Does anybody think that the greatest irony is that Galway managers got the highest bonus. Cryptosporidium (excuse the spelling) debacle will hopefully come into account during the next appraisal.

I cannot believe that I agree with the Crewser (BCF).

]]> By: The Crewser http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89070 The Crewser Sun, 08 Jul 2007 20:01:39 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89070 This scheme does not stop at Manager Level either. Similar bonus payments are made at Director of Services level within Local Authorities and presumably to equivalent Grades within the Civil Service. I dont often find myself in complete agreement with Sarah but this is one issue where I am. There is absolutely no transparency in this process. Managers have infinitely greater powers no since the Local Government Act of 2000 became law and we all know how certain Managers behaved in the eighties and nineties. This scheme emanated from Part 2 of Report No. 38 of the Review Body on Higher Remuneration in the Public Sector under the specific heading "Rewarding Exceptional Performance" This scheme is dubious in the extreme and warrants investigation and reform by the incoming Government. This scheme does not stop at Manager Level either. Similar bonus payments are made at Director of Services level within Local Authorities and presumably to equivalent Grades within the Civil Service. I dont often find myself in complete agreement with Sarah but this is one issue where I am.
There is absolutely no transparency in this process. Managers have infinitely greater powers no since the Local Government Act of 2000 became law and we all know how certain Managers behaved in the eighties and nineties.
This scheme emanated from Part 2 of Report No. 38 of the Review Body on Higher Remuneration in the Public Sector under the specific heading “Rewarding Exceptional Performance”
This scheme is dubious in the extreme and warrants investigation and reform by the incoming Government.

]]> By: Beetroot http://www.sarahcarey.ie/2007/07/08/local-government-heroes/comment-page-1/#comment-89065 Beetroot Sun, 08 Jul 2007 19:46:28 +0000 http://www.sarahcarey.ie/2007/07/08/local-government-heroes/#comment-89065 Local Authorities in this coutry are a law unto themselves, a complete disgrace -parasitic, unaccountable and paid for by the rest of us. Well done to PL for throwing the spotlight on this. Local Authorities in this coutry are a law unto themselves, a complete disgrace -parasitic, unaccountable and paid for by the rest of us. Well done to PL for throwing the spotlight on this.

]]>