Serious inequities in defined pension schemes threaten incomes of older workers

The distribution rules favour retired members, writes Jerry Moriarty.

24th March, 2012
Serious inequities in defined pension schemes threaten incomes of older workers
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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