Surely Sum Mistake?

at

lumpsum:pension

Gulp.

Tenacious Ken Foxe writes:

A TOTAL of 66 former public servants has received lump sum payments worth in excess of €200,000 over the past five years.

That includes one individual who received a golden handshake worth an incredible €428,000 and another who was paid out €382,000 from state coffers.

In all, 142 people – including departmental secretaries general and other former public servants – received lump sums worth more than €160,000, at a total cost to the state of €28.8 million.

That means an average pay-out of just over €200,000 per person, with tax only paid on lump sums in excess of €200,000 under rules introduced on 1 January 2011.

How one public servant retired with a lump sum of €428,000 and an annual pension of more than €140,000 (Ken Foxe)

14 thoughts on “Surely Sum Mistake?

  1. Observer

    Always interesting how when this information is published about politicians or their staff, names are given. But when it is public servants that doesn’t happen.

  2. sqoid

    It’s a little disingenuous to calculate and quote an average when your sample size by design is above a minimum value ( >€160,000)

    1. Andy

      Shush,
      There is no place for nuance in the world of “Outrage”.
      Far better to target the lowest common denominator with splashy big figure headlines.

  3. Tish Mahorey

    My parents were right. “Do the Civil Service exams anyway, you never know”.

  4. Don Key Don G

    Excellent news. With such good payouts public service might remain a desirable vocational and really important notion attracting the best

  5. Dan M

    These stories inevitably bury the lead.

    Ok, a €300k lump sum is big… But the annual pension payments are worth millions. Lump sum is a side issue.

    Say the retiree is 60. Life expectancy of c. 25yrs. Guaranteed €125k a year (inflation-linked) that would probably cost more than €3m to buy.

    He/She has received a pension worth millions, but the focus is on the relatively small lump sum.

    Pensions should be reported at their value, not the initial annual payment.

    1. Frilly Keane

      And don’t forget to add the value the surviving spouse/ partner ( 50%) of annual till death

  6. Eoin

    There are so many pigs at the trough these days they must be using straws to suck us all dry.

Comments are closed.