Pensions a big worry for Irish firms as assets fall

THE assets supporting the defined benefit pension funds of Irish Stock Exchange quoted companies fell by €5.7 billion in 2008, pushing overall pension schemes liabilities to €20bn which will hit corporate earnings in 2009.

The fall is in line with the €27bn wiped off Irish managed pension funds in 2008.

Financial consulting firm Mercer said the chaos observed in the world’s financial markets over the last 12 months has had an adverse impact on Irish pension plan funding and will negatively impact on corporate earnings in 2009.