Up to €30bn wiped off value of pensions

AS MUCH as €30 billion has been wiped off the value of Irish pension funds over the past year and a half, according to the Irish Association of Pension Funds (IAPF), representing the biggest losses ever recorded.

Addressing his organisation’s annual dinner last night, IAPF chairman, Patrick Burke proposed to Government a number of safety mechanisms for pension fund members, that would basically act as an examinership programme for the schemes.

“Economic conditions continue to deteriorate both locally and on a global basis, as commentators forecast that hundreds of businesses will fold over the coming 12 months, with over 125,000 private sector employees losing their jobs,” Mr Burke said last night.