Sunday 20 August 2017

Pension move by Irish Life is hugely symbolic

The Irish Life scheme has a €150m surplus, which is unusual for a private sector defined benefit scheme. Photo: Stock image
The Irish Life scheme has a €150m surplus, which is unusual for a private sector defined benefit scheme. Photo: Stock image

When the largest pension provider in the State is closing its staff pension scheme, you know there's a problem.

The move by Irish Life will prompt fears that traditional defined benefit plans are now set to disappear from the private sector.

Unions at Irish Life want the law altered urgently to stop the company closing its defined benefit pension for staff.

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