Pensions funding ‘not compliant’

HALF of businesses operating defined benefits pension schemes do not comply with the minimum funding standard set by the Pensions Board, according to the employers’ body IBEC.

There are close to 600,000 members of defined benefit (DB) schemes in Ireland and they are currently billions of euro in deficit.

Last month independent analysis by according to Attain Consulting showed that pension deficits at Irish-listed companies have soared 15% to €5.4 billion since the start of the year.