Pension Board express concerns over occupational decline
The Pensions Board have expressed serious concern over the declining number of occupational pensions.
Almost 772,000 people currently have this type of pension – 38,000 less than in 2010, and a drop of almost 5%.
The board has expressed particular concern over Defined Benefit Schemes – 80% of which are in deficit.
These schemes have until December to submit plans on how they will deal with the deficit - or else they face closure.
Chief Executive of the Pensions Board Brendan Kennedy says not all schemes will close, but they do have to get their house in order.
“Where they have a deficit, they are obliged to file a plan with us. In many cases what schemes will do is they will prepare a plan that involves paying off that deficit over a long period. We allow them 11 years.
“It’s not true that every scheme with a deficit will close what every scheme with a deficit has to do though is tells us what they are going to do about it.”
