SSIA set for review

flyz

SSIA for review

What do you think the chances of them axing it is?
But as Brennan said: “It can be reviewed as we go forward ... but a scheme with over a million savers isn’t one that you would tamper with lightly.”

Meh

I honestly wouldn't mind if it was axed -- I'd prefer McCreevy to cut the SSIAs rather than impose €2.4bn extra taxes to pay for them.

I opened mine about 14 months ago just after the scheme started up, so I've made a fair bit of money out of it so far...

gurramok

I don't agree with the axing of SSIA
There are other ways for the govt to afford them.

For starters, if they took action against cartels in the motor insurance, housing, telecoms, legal and medical sectors alot more people will money in their pockets to be able to afford these services. Hence a tax rise would not hurt.

At present, account holders like myself need to know that the SSIA money will be available in 5yrs time to help to pay for the scandalous cost of living.

b20uvkft6m5xwg

The drafting of the SSIA agreement is similar to that of Govt. Securities. Hence it would be illegal to the best of my knowledge to withdraw, tamper, alter any of the terms at this point. I think Mr. S. Brennan needs briefing.

Whether it can be afforded or not, its here to say. The govt would open itself up to extensive litigation which would result in compensation far in excess of what it would actually cost to let the scheme run.

Cork

Transport Minister Seamus Brennan said yesterday the five-year initiative, which will cost the State around 2.4 billion euro, could be reviewed if necessary.

I really don't think that the government will back track. They might encouage people to Exit the scheme.

I opened one to claw back some of my Eircom lossesBut, overall they are not a bad idea.

RainyDay

The drafting of the SSIA agreement is similar to that of Govt. Securities.

Don't think so, 80p. My SSIA agreement was a 1-page form with minimal details. All the commitments were on my side (funded from my own resources etc). There was no explicit commitment to keep the top-up going for 5 years. It would not be illegal for the Govt to cancel it.

However, I doubt if they'll really have the balls to cancel this scheme. In terms of Govt priorities, it's obviously much more important to keep the comfortable middle classes happy, than to look after the most vunerable in our society (disadvantaged schools, drug refund scheme, hospital charges etc).

b20uvkft6m5xwg

I stand corrected pending further evidence, but at a macro level for the DoF to get funds released from the tresury in this regard it would be similar to securities. I was unaware how devoid of detail the actual agreement the end user would have received is, and that does suprise me.

Having siad all that, If I was an SSIA account holder I would have confidence in the fact the fact that:

1. The scheme will not be axed on a political level.
2. If it was you would have recourse in some manner or means as effectively you do have a contract. Nothwithstanding that, your dealing with a public authority and you could claim legitimate expectation re: the scheme running its course.

--
If anyone has the original agreement or knows whereit is on the net, I'd like to see it out of curiousty

RainyDay

Check out this application form or this revenue form

Just one example, but typical of many, I presume.

McGinty

I doubt very much the goverment will axe the SSIA scheme, if they do it will be political suicide. However I do beleive that they will claw back the money in some form or other.

If they wanted to save some money through the SSIA scheme, they could apply a restriction of €100 per month instead of the current amount.