Waterford Crystal ruling may lead to more bankruptcies

Pensions advisers are warning that trustees of insolvent retirement schemes may be better off forcing companies into bankruptcy.

27th April, 2013
Waterford Crystal: the government will have to pay its workers' pensions.

Pensions advisers are warning that trustees of insolvent retirement schemes may be better off forcing companies into bankruptcy. This would guarantee full state compensation instead of giving up benefits to cover deficits.

They said that, as a result of 'moral hazard', the defined benefit system now represented a €10 billion liability to the state and would require a new pension levy to cover the financial risk to the taxpayer.

The developments came after the European...

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