Nine out of 10 Irish pension schemes fall short of legal funding level

Nine out of 10 defined benefit pension schemes in Ireland do not meet the legally required funding standard, according to the chief executive of the Pensions Board, Brendan Kennedy.A small number of schemes do not even have sufficient assets to meet the liabilities of current pensioners, Kennedy added, speaking last week at the launch of the Pensions Board’s annual report for 2008.
 

It’s untenable to have a normal retirement age in public-sector schemes that is significantly different from the state retirement age

Brian Bailey, Director of pensions, West Midlands Pension Fund and member of High Pay Commission