Two former senior gardaí received lump sum pension payments of more than €200,000 last year on retiring from the force.
Confirmation of the retirement pay-offs coincides with Justice Minister Helen McEntee revealing that 48 gardaí who were due to retire from the force have answered the call and have remained on for an additional 12 months to help with the Garda response to the Covid-19 pandemic.
In response to a Freedom of Information (FOI) request, the Garda FOI unit confirmed that the top lump sum amount paid out in 2020 was to a retiring senior garda who received €212,595 with a second receiving €210,989.
A further 12 Garda members shared pension lump sums of between €150,000 and €200,000.
The Garda FOI unit did not provide the rank or location of the gardaí concerned as it was deemed personal information.
The total amount paid out in pension lump sums to gardaí last year was €27m.
This amount was divided out among 250 gardaí who retired last year.
Those to retire were made up of two assistant commissioners, nine chief superintendents, 35 superintendents, 11 inspectors, 68 sergeants and 125 rank and file members.
Meanwhile, Ms McEntee has revealed that 43 applications from Garda members at different ranks have been approved for 12-month extensions to their compulsory retirement ages as part of Commissioner Drew Harris’s action plan to deal with the impact of Covid-19 on public order and policing matters.
In a written Dáil response to Independent TD Michael Healy-Rae, Ms McEntee confirmed that a further four applications are currently being considered.
Ms McEntee said Commissioner Harris has determined that it is in the interests of the efficiency of the Garda “that members who have significant experience in policing and have the particular skills to support the Commissioner's urgent policing priorities during the pandemic should be given the opportunity to extend their service for 12 months, having reached the age of 60 years”.
She said that in addition to those retirement age extensions, she had approved two other retirement age extensions last year.
“These extensions, of two-year duration, were requested by the Garda Commissioner for two members of Garda senior management, at the rank of Assistant Commissioner,” she said.
“In support of these requests, the Garda Commissioner highlighted the organisational risk that would be posed by the loss of leadership and the lack of continuity in these strategic senior posts.”
Ms McEntee said a review of the compulsory retirement age is currently being carried out by her department.
She said any changes to the age will require the amendment of primary and secondary legislation.
The mandatory retirement age for all members is 60 years of age and gardaí who joined prior to April 1, 2004, may retire on a full pension at 50 years of age once they have served at least 30 years.
Those who joined on or after April 1, 2004, may retire on a full pension at 55 years of age with 30 years service.
Gardaí have the option of continuing to serve until they reach 60, subject to the Garda Commissioner being satisfied that they are fully competent and available to undertake their duties.
THE cost of buying a garda's pension on the open market would amount to €1.1m, new figures reveal.
But the garda will only have contributed €110,000, or 10pc, to their pension even after the imposition of the pensions levy, according to research carried out by actuary Fiona Daly of Rubicon Investment Consulting.
This means that ordinary members of the force are effectively retiring as millionaires, pensions experts said.
The State will have provided 90pc of their pension pot, or €1m, once account is taken of tax relief, Ms Daly said.
Gardai are unusual in the public sector as they can retire on full pension at the age of 50. The calculations are based on a garda who joins the force after changes made to pensions arrangements in 1995 and retires on a salary of €52,822.
On retirement after 30 years the garda is entitled to a tax-free lump sum of €79,233, and an annual pension of €26,411.
Ms Daly said the value of this retirement lump sum was €1.12m, of which the State will have contributed €1m.
Pensions experts said the most an employer in the private sector was contributing to a employee's pension fund was 20pc.
"No-one in the public sector is contributing anything like the value of their pension fund, even after the pension levy is taken into account," Ms Daly said.
The imposition of the pension levy has proved hugely controversial, with off-duty gardai marching in protest on the Dail recently.
The figures, which Ms Daly initially compiled for the 'Today With Pat Kenny Show' on RTE Radio, also show that a secretary general in the civil service will retire with a pension pot worth an incredible €3.3m.
But this person will only have contributed a total of €176,000 (equal to 5.3pc) to the pension, even after the imposition of the pension levy.
This person spends 40 years in the service and has a starting salary of €24,397 and retires with a salary of €227,912.
The secretary general is entitled to a tax-free lump sum of one-and-a-half times their salary, or €341,868. Their annual pension would then be €114,000.
The State will contribute €3.12m to the secretary general's pension, or 95pc of the value of the pension pot, according to the Rubicon calculations.
The value of pensions for senior public servants, such as government ministers, secretaries general, judges, university presidents and other senior state workers, are among the most generous in the world.
So generous are these pensions that the Review Body on Higher Remuneration in the Public Sector Report in September 2007 decided it would have to recommend a pay cut if it took account of the true value of the pensions.
That report stated: "If the Review Body were to apply a greater discount to these groups than to groups in receipt of standard [public sector] pension terms, this would effectively cancel the value of the special terms by reducing salary to take account of them.
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The Rubicon figures also show that a clerical officer who joins the service on a salary of €24,397 and retires on a salary of €39,568. This officer would have a tax-free lump sum of €59,352 and a pension of €19,784.
The pension pot of this worker would cost around €570,000 to buy on the open market.
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for Russian Railways employees
CORPORATE PENSION ASSIGNMENT
A corporate pension is granted if the following conditions are met simultaneously:
reaching the retirement age in accordance with the legislation of the Russian Federation and the Regulations on NGOs for employees of Russian Railways, or the appointment of an early old-age insurance pension or disability insurance pension
the period for paying pension contributions (insurance period) must be at least 5 years (60 months )*, or 1 month (in case of disability)
dismissal from Russian Railways**
* If the insurance period at the date of dismissal was less than 60 months, then it can be increased by paying additional personal contributions.
** It is possible to assign and pay a corporate pension to a contributor without dismissal from the company in the event of his transfer at his request from a position belonging to the category "managers" to a lower-paid position belonging to the category "specialists", "employees" or "workers". ".
HOW IS THE CORPORATE PENSION CALCULATED?
The amount of the non-state pension is calculated from the total amount accumulated on the individual pension account during the period of participation in the corporate pension system. This amount, in turn, consists of several components. Firstly, these are the personal contributions of the participant and the contributions of the employer. Secondly, it is the investment income that the non-state pension fund accrues annually on the entire amount accumulated in the account.
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Thirdly, these are additional personal contributions that each participant-contributor of the corporate pension system can make.
In addition, when assigning a corporate pension, the presence of industry awards is taken into account.
It should also be noted that when calculating the amount of a monthly non-state pension, an annual rate of return of 4% for the entire period of payment, that is, future income, is taken into account.
In addition, by decision of the Board of Directors, non-state pensions may be indexed.
You can make a preliminary calculation of the amount of your future pension by using the Pension Calculator service or by contacting the nearest branch of JSC NPF BLAGOSOSTOYANIE.
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PENSION PERIOD
There are several options for paying a pension: life, urgent (for a specified period) and phased. The amount of the monthly payment will also depend on the chosen period: the smaller it is, the higher the amount of the monthly corporate pension. But it is important to understand that in the case of a fixed-term pension, payments will stop after the due date, but the need for additional income will remain.
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Lifetime pension is the most popular payment option: the contributor will receive a corporate pension in addition to the state pension throughout his life.
In the case of choosing a fixed-term pension, the contributor himself chooses the period during which payments will be made, for example, 10 years.
Another option is the phased payment of pensions, “step by step”. It can be chosen by contributors who draw up an urgent pension with a payment period of at least 14 years for women and 10 years for men. In this case, the pension payment period is divided into two equal stages. During the first stage, the pension is paid in an increased amount - 160% of the calculated monthly amount of the lifelong non-state pension. And at the second stage, the amount of the payment will be determined based on the funds remaining in the pension account.
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HOW TO REMAIN THE RIGHT TO A CORPORATE PENSION IF THE INSURANCE SERVICE IS LESS THAN 5 YEARS?
Employees who leave before they have completed 5 years of insurance coverage can make up for the missing period of service by paying additional personal pension contributions.
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At the same time, the amount of each contribution must be at least twice the amount of the monthly financial assistance that the company pays to non-working pensioners with more than 30 years of experience in railway transport. The number of months during which the contributor pays additional contributions after leaving RZD will be included in the length of service.
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INCREASED CORPORATE PENSION FOR WORKERS WITH INDUSTRY AWARDS
When assigning a non-state pension, the presence of industry awards is taken into account.
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10% increase in the amount of corporate pension for contributors awarded with the badge "For 30 years of excellent work in railway transport" "Honorary Railwayman", sign (badge) "Honorary Railwayman".
15% increase in the amount of corporate pensions for contributors who have been awarded the badge “For irreproachable work in railway transport for 40 years”.
The size of the corporate pension is increased by 40% for contributors who were awarded the second badge “Honorary Railway Worker of JSC Russian Railways” or “Honorary Railway Worker” of the Ministry of Transport of Russia during the period of work at JSC Russian Railways.
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CORPORATE PENSION INDEXATION
The decision to increase payments to pensioners is made by the Board of Directors, based on financial indicators based on the results of operations over the past year. At the same time, the increase in payments for the least socially protected groups of pensioners is carried out regularly.
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For example, in 2018, the amount of payment to recipients who were assigned a non-state pension in 2017 due to the establishment of group I disability was increased by 70%, in 2016 it was decided to index by 15% pensions to recipients who, as of January 1, 2014, turned from 70 to 79 years old. In 2015, payments were increased for pensioners over the age of 70, as well as for the disabled, veterans of the Great Patriotic War and other categories of pensioners.
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