David McWilliams: You're right to be worried -- crash has obliterated company pensions
Published 10/10/2012 | 05:00
IF you had thought that your pension, into which you contributed cash each month for years, was going to see you live decently in your retirement, the news yesterday from Aer Lingus is a rude awakening.
Aer Lingus announced that if its pension fund were redeemed this year, employees would only receive 4pc of what they had expected. Yes, you read right: 4pc.
Hundreds of thousand of Irish workers in their fifties and sixties are coming to the end of long careers and are facing the prospect that their pensions will only be worth a fraction of what they imagined.