Tuesday 6 December 2016

We're facing huge pensions 'black hole'

Published 03/02/2011 | 05:00

Chairman Donal Geaney and Finance Minister Charlie McCreevy at the
launch of the National Pensions Reserve Fund in 2001
Chairman Donal Geaney and Finance Minister Charlie McCreevy at the launch of the National Pensions Reserve Fund in 2001

THERE seems to be a sense that the National Pension Reserve Fund is a wad of "free money" that we can raid at a time of our choosing.

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In reality, every time we dip into it we are literally taking money from those who will retire in five, six or 10 years' time.

Pension liabilities of EU member states are part of the Stability & Growth pact and as a consequence of our totally unrealistic EU/IMF deal, we are now committed to bringing the country back into line with this pact by 2014. Therefore, any shortfall in pension liabilities will have to be taken into consideration in this context.

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