Pension crisis to hit income for thousands

Thousands of savers are facing shortfalls in their retirement incomes as companies move to wind up underfunded and expensive defined benefit pension schemes.

16th June, 2012

Thousands of savers are facing shortfalls in their retirement incomes as companies move to wind up underfunded and expensive defined benefit pension schemes.

Hundreds of the guaranteed pay-out pension plans face collapse due to funding deficits, and pension experts fear that the government's response to the crisis has exacerbated the problem.

Last week brought bad news for the members of two high-profile defined benefit schemes. AIB announced plans to move all its employees from defined...

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