Saturday 17 February 2018

Jerome Reilly: Penny begins to drop on pension funds black hole

Thousands are being robbed blind and many believe the state watchdog is not helping, writes Jerome Reilly

It is private sector workers in their 50s who are being hung out to dry on the double because of the pensions crisis. Not only will they lose most, if not all, of their contributions to defined benefit (DB) pensions schemes, but they will retire at a time when the State pension age has been ramped up to 68 years.

Yet it is only now as the crisis reaches endgame that tens of thousands of people are beginning to realise they face an old age of penury.

More than 197,000 people are paying into 993 different defined benefit schemes.

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