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€240m left unclaimed

OVER €240m in pension pots remains unclaimed in Ireland due to greater movement in the workforce and the wind-up of Defined Benefit (DB) schemes. Workers are reporting increasing difficulty identifying their retirement plans, particularly if they have changed jobs frequently.

And pension experts at Independent Trustee Company (ITC) said that the problem is likely to deepen.

Aidan McLoughlin, managing director of ITC, said that as much as €1bn could be left unclaimed. "It wouldn't be unreasonable to assume that between 10pc and 15pc of members of private pension funds will have forgotten or lost some element of their various pension pots by the time they hit retirement age," he said.