'Worrying times' for pension schemes
The Pensions Board has said many people are being exposed to risks and possible further losses because of inaction by the trustees of pension schemes.
In its annual report published today the board said the greatest threat to Irish schemes is investment risk and a failure to recognise and manage this risk.
It also estimates that at the end of last year three-quarters of defined benefit pension schemes were in deficit, and that in many cases the deficit is substantial.
“These are very worrying times for the members, employers and trustees of occupational pension schemes and for pensions in general," said Pensions Board chairperson Jane Williams.
"The effect of the recession is evident in the numbers participating in occupational pension schemes. This is a serious step back for pensions which could have lasting consequences.”
