Posts in the "Defined Benefit" category

Indifference and Incompetence behind Irish Pension Crisis

Posted on June 24, 2015

Fergus Whelan - Industrial Officer, Congress
Fergus Whelan
Industrial Officer, Congress

Several hundred thousand people at work in Ireland today will be far worse off in retirement than they had either planned or expected to be. Many will slide in to poverty, others will barely make ends meet.

But this will not happen because they failed to make adequate provision for their retirement.

Instead a perfect storm of official indifference and incompetence in financial institutions have served to ensure that many will now experience unnecessary hardship in their old age.

Over recent years, the Irish funded pension system has been overtaken by a catastrophic crisis. But of more pressing concern is the lack of any official recognition – on the part of government or the Pensions’ Authority - at the scale, extent or even existence of this crisis.

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