Call for action over pensions

SWIFT Government action is needed to ease growing pressure on private pensions due to the meltdown on global stock markets.

Some defined benefit schemes are in danger of collapsing while those on defined contribution plans who are close to retirement risk having their future pension income cut sharply.

Due to the present difficult circumstances Patrick Burke, chairman of the Irish Association of Pension Funds, has called for Government intervention to protect the retirement plans of thousands of Irish workers.