Pensions farrago just gets worse and worse
We have known about Ireland's 'pensions timebomb' for quite some time. Successive governments have talked their way through a series of reports and reviews, inching towards some half-hearted, eventual would-be remedy.
In the meantime, the scant occupational pension cover for private sector workers has become afflicted by problems associated with under-funding and inadequate rules of governance to protect workers' and pensioners' rights.
One by one, the small number of gold-plated defined-benefit schemes, which guaranteed pensioners' incomes in relation to salary, have been scaled down or wound up. Today, we learn of an even more ironic twist: Irish Life, that self-styled synonym for pensions probity, is to wind up its own employees' defined-benefit pension scheme.