Public servants will soon be the only workers to have decent retirement schemes
Traditional pension schemes in the private sector are in meltdown.
When Irish Life decides to close down its defined benefit scheme you know the writing is on the wall for what was a mainstay of private pension provision.
Irish Life is the largest provider of private pensions in the State. The decision to close its defined benefit scheme for its staff is all the more extraordinary as it is €150m in surplus.