Not seeing the benefit

Private pensions are facing wind-up across the country as companies struggle to meet strict funding standards - and the government fails to act, writes Jon Ihle.

6th July, 2013
Defined benefit pension schemes are being forced to make financial life or death decisions in the absence of clear direction from the government.

Two bankrupt companies, two pension schemes in deficit. One company was rescued by the state, the other was liquidated with the loss of hundreds of jobs. One scheme's members are due to take a 50 per cent reduction in benefits, the others are getting a taxpayer bailout of 90 cent in the euro.

The companies? Permanent TSB, the nationalised retail bank, and Waterford Crystal, the luxury goods company that went out of business in 2009. But if...

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