Wednesday 22 January 2020

Toxic Anglo is only firm in the State with fully funded retirement pot

Colm Kelpie

IT was reckless with everyone else's money, but closely watched its own.

The former Anglo Irish Bank has the only fully-funded pension pot of the leading private and semi-state companies in the State, according to a survey carried out by a finance firm.

The now nationalised bank, which has cost the taxpayer almost €35bn and been rebranded the Irish Bank Resolution Corporation (IBRC), consistently reported a fully-funded defined benefit pension scheme since the study began four years ago.

While IBRC was at the top of the funding table last year, state forestry company Coillte was at the bottom, with its pot just over half full.

Second highest was building firm Kingspan at 97pc, followed by the Central Bank at 95pc and RTE at 94pc.

But Lane Clark & Peacock Ireland (LCP), which carried out the survey, warned that the future for many schemes are in doubt.

Conor Daly, LCP partner and one of the report authors, said: "We believe that a significant number of these schemes will wind up in the next 18 months."

FULL REPORT: PAGE 32

Irish Independent

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