Irish Life to close defined benefit pension scheme

Country's largest pension provider set to close scheme despite its huge surplus

Irish Life, the country’s largest pension provider, is set to close its own defined benefit pension scheme, despite the fact that it has a huge surplus, it is understood.

The company has proposed that the Irish Life Staff Benefit Scheme (ILSBS) will be closed to any future accruals of pension entitlement by its current members with effect from January 31, this newspaper has learned. The pension scheme is understood to have a surplus ...