IBEC calls for review of pension scheme funding requirements

IBEC calls for review of pension scheme funding requirements

Business lobby group IBEC has called for an urgent review of Irish pension rules, claiming that many defined-benefit pension schemes risk closure because they cannot meet the minimum state requirements.

The group said that, "given the extremely volatile market conditions", the Government should reduce the minimum funding standard to give companies the necessary flexibility to make the best long-term investment decisions.

IBEC director Brendan McGinty said: "Many private sector defined benefit pension schemes are facing a November deadline from the Pensions Board to submit proposals on how they plan to address scheme deficits.

"However, companies are concerned that they are being forced to make investment decisions that will meet the draconian minimum funding standard in the short-term, but will negatively impact the long-term viability of these schemes."


More in this Section

'I have kept apologising and I will keep apologising' - Clifford-Lee meets with Traveller group'I have kept apologising and I will keep apologising' - Clifford-Lee meets with Traveller group

Majority of sight loss preventable with treatment, charity saysMajority of sight loss preventable with treatment, charity says

Student poverty 'a massively underestimated issue' as 20 avail of UCC food bankStudent poverty 'a massively underestimated issue' as 20 avail of UCC food bank

Surgeon: Whiplash is a social diseaseSurgeon: Whiplash is a social disease


Lifestyle

The founders of Rixo are on a mission to make the brand more affordable and more wearable, writes Vickie Maye.The dynamic duo behind Rixo aiming to make the brand more affordable and wearable

Want to get away to the sun this Christmas? Ciara McDonnell has all the last-minute deals.Last-minute sunshine getaways for Christmas

A new initiative honours teachers who have inspired their pupils, says Rowena Walsh.Why inspirational teachers stay with you for life

IT’S that time of year again as artists, canvases in tow, start to crisscross county borders across Munster and beyond.Art events to put Christmas gift-hunting in the frame

More From The Irish Examiner