Government under fire for pension funding crisis

THE Irish Association of Pension Funds (IAPF) has launched a strong attack on the Government over its failure to deal with the crisis threatening Irish pension funds.

At the opening of its conference in Dublin, IAPF chairwoman Marie Collins said the rules and regulations were no longer “fit for purpose”.

Ms Collins said the Irish pensions industry was clearly in crisis and 80% of the country’s defined benefit (DB) schemes have already closed or were likely to close to new employees.