Pension funds could add €7bn boost

A REMOVAL of many of the domestic restrictions over what Irish pension funds can invest in could result in an extra €7 billion being pumped into the economy over the next couple of years, a Dáil Committee has heard.

Appearing before yesterday’s sitting of the Joint Oireachtas Committee on Finance and the Public Service, representatives of the Irish Brokers Association (IBA) said that Government needs to relax legal restrictions connected with Irish-based investment opportunities in order to strengthen the economy.

“We’re calling for a removal of all legal and revenue restrictions on investment by pension funds in these Irish investment options,” said Aidan McLoughlin, head of the IBA’s pension committee.