Revive NPRF to tackle pensions timebomb, says watchdog

Ireland needs a pension fund for “ageing population”, says NCC

NCC chairman Professor Peter Clinch said the fund could include the value of the states shareholdings in AIB and Bank of Ireland Pic: Feargal Ward

The state’s competitiveness watchdog has called for a revival of the pensions reserve fund to tackle the pensions timebomb.

The fund was set up by former Fianna Fáil Minister Charlie McCreevy in 2001 to pay for public sector pensions and state pensions, and contained around €22 billion at its peak.

But it has since been dismantled, with around €15 billion going to pay for the bank bailout, and the remaining €7.2 billion is ...