Sunday 25 February 2018

If we don't address the looming pension crisis, taxpayers will foot bill for funding retirements

New methods of calculating liabilities must be found that would help save the pension schemes we have and create an incentive for the creation of others (Stock photo)
New methods of calculating liabilities must be found that would help save the pension schemes we have and create an incentive for the creation of others (Stock photo)

Willie O'Dea

In the last 10 years, three out of every four defined benefit pension schemes in this country have been closed down.

The defined benefit pension scheme, in which members pay in an agreed amount each year and are guaranteed a defined pension on retirement, is the best form of protection against penury in retirement.

The financial crash from 2008 onwards put huge pressure on defined benefits pension schemes in Ireland.

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