Falling share prices wipes €7.6bn off value of pension funds

A MASSIVE €7.6 billion has been wiped-off the value of pension funds this year, according to the Irish Association of Pension Funds (IAPF), who say people may have to work until they are 70 to secure good pensions.

The IAPF estimated just 43bn remains of the 50.6bn held in Irish pension funds at the beginning of the year as a direct result of falling share prices.

IAPF chairman John Feely said: "This is the result of the most sustained bear market in the last 50 years."