State to cover half of private pension funds in insolvency under new rules

State to cover half of private pension funds in insolvency under new rules

The taxpayer will step in to cover half of a private pension fund if both the pension fund and the employer become insolvent.

New pensions rules being brought forward by the government will see the State cover half of the deficit in a pension fund if the employer is closing down.

The rules are an attempt to avoid a repeat of the Waterford Crystal case where workers had to go to the European Court of Justice to secure their pensions.

If applied in that case, the government's new rules would see the State spend €55 million to prove pensions for former Waterford Crystal staff.


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