We're facing huge pensions 'black hole'
THERE seems to be a sense that the National Pension Reserve Fund is a wad of "free money" that we can raid at a time of our choosing.
In reality, every time we dip into it we are literally taking money from those who will retire in five, six or 10 years' time.
Pension liabilities of EU member states are part of the Stability & Growth pact and as a consequence of our totally unrealistic EU/IMF deal, we are now committed to bringing the country back into line with this pact by 2014. Therefore, any shortfall in pension liabilities will have to be taken into consideration in this context.