Call for fewer pension plans - to cut fees
THE pension regulator wants to radically reduce the number of retirement plans in a bid to increase pressure for lower fees.
The head of the Pensions Authority, Brendan Kennedy, said the current number of defined contribution schemes, 150,000, was too high. He wants this reduced to just 100 in a bid to put pressure on pension providers and asset managers to reduce their fees.
Mr Kennedy said the country's €90bn corporate pension system needed to be overhauled to make it more "member-centred" and more efficient.
"Our objective... is to significantly reduce the number of pension schemes in Ireland," he told the 'Financial Times'.
Pooling pension schemes into larger plans would result in "higher standards of governance, savings for members and enable us to carry out more detailed oversight of the pension schemes", he added.