Friday October 23, 2020

Serious inequities in defined pension schemes threaten incomes of older workers

The distribution rules favour retired members, writes Jerry Moriarty.

24th March, 2012
2
Roughly 80% of defined benefit schemes are in deficit. Photo: Tony O'Shea

There are serious concerns among trustees of defined benefit pension schemes, following a decision by the government to move away from a previous commitment to reform the Pensions Act to ensure a better and fairer outcome for members of defined benefit schemes that wind up in deficit.

In a defined benefit pension scheme, a pension is paid at retirement based on the amount of service the employee reaching retirement has, and their salary at retirement....

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