Pension Reductions &
Deductions
Imposed
2011-2015
LIFETIME REDUCTION IN BASIC PAY - WITH NO 'BUY OUT'
LIFETIME DEDUCTION OF PENSION LEVY
LIFETIME FREEZE ON COST OF LIVING INCREASES
FOR CURRENT PENSIONERS THERE WAS NO BUY OUT FUND PROVIDED OR COMPENSATION FOR THIS UNILATERAL REDUCTION
IN OUR ACTUAL MONTHLY INCOME PENSION BENEFITS
unlike
FOR FUTURE PENSIONERS THEIR BENEFIT REDUCTIONS HAD BUY OUT FUNDS PROVIDED AND INDIVIDUALLY RECEIVED
FROM 2015 to NOVEMBER 2021 - BASIC MONTHLY PAY REDUCED!
PENSION INCOME WE WERE RECEIVING IN 2014
CUMULATIVE REDUCED TO DATE
by
cum c€41.5m
IS THE ACTUAL CUMULATIVE AMOUNT THAT OUR BASIC MONTHLY INCOME
HAS BEEN COMPULSORILY
REDUCED AND TAKEN FROM US!!
AVERAGE AGE* OF
PENSIONERS IS NOW 78 YEARS
*those on pension in Dec 2014 whose basic pension was reduced
TAKEN DIRECTLY OUT OF THE POCKETS OF THOSE ON PENSIONS
THIS REDUCTION TO OUR
BASIC PAY IS CUMULATIVE & NOW INTO THE SIXTH YEAR
THIS REDUCTION 'HIT' OUR MONTHLY PAYSLIPS EVERY
MONTH SINCE JANUARY 2015 AS PAYMENT TOWARDS AN ACTUARIAL DEBT.
THIS IS A TECHNICAL CALCULATION IN A SITUATION OF A SCHEME WIND UP
- A DEBT THAT WE DID NOT KNOW WE HAD
WHERE YOU CAN FIND THE 'HITS' TO YOUR MONTHLY INCOME!
* Refer to the Trustee Letter of January
2015.
* Refer to December 2014 last payslip [and
each year end Dec payslip]
* Look at the actual figure being deducted
each month for both the MFS actuarial technical calculation debt 'hit' and the
Stamp Duty Pension Levy ' hit'
LOOK UP YOUR CURRENT PAYSLIP* AND COMPARE THE FIGURES
SEE HOW MUCH YOUR INCOME IS DOWN!
*Note: The payslip since Jan 2015 has netted the reduction in basic income and the deductions in respect of Levy into a new 'basic' figure
SINCE 2012 STAMP DUTY PENSION LEVY 'HIT' ANOTHER DEDUCTION FROM OUR MONTHLY PAY FOR LIFE
A €38.4m GOVERNMENT IMPOSED PENSION LEVY ON THIS MULTI EMPLOYER OCCUPATIONAL PENSION FUND THAT
EACH OF US ARE PAYING BACK TO THE FUND EVERY MONTH
A DEDUCTION* FROM MONTHLY PAY - ONGOING 2.53% PENSION LEVY DEDUCTION EACH
MONTH FOR LIFE
==============================================================================
COST OF LIVING ADJUSTMENTS INITIALLY FROZEN IN 2008 AT 2007'S LEVEL
THEN IN JANUARY 2015 ANNUAL COST OF LIVING ADJUSTME
SO NO INDEXATION EVER FOR US
LIFETIME!! - REDUCTION; DEDUCTIONS; AND FREEZES
FOR CURRENT IASS PENSIONERS BIG CUTS TO REAL AND ACTUAL INCOME FOR THOSE DRAWING DOWN THEIR PENSIONS
OTHERS ARE NOW SEEING THEIR INCOMES RISE AND PHASED RESTORATION OF DEDUCTIONS*
http://www.cspensions.gov.ie/faq4.pdf
http://www.per.gov.ie/wp-content/uploads/2018-PSPR-FAQs.pdf
www.per.gov.ie/wp-content/uploads/PSPR-FAQ-2017.pdf
WE ARE SEEING OUR PENSION INCOME REDUCTIONS AND DEDUCTIONS BEING CONTINUED
NOW REQUIRE RESTORATION TO OUR DECEMBER 2014 BASIC PENSION PAYMENT