Pension deficits estimated at €8bn

Up to 80% of defined benefit pension schemes are failing to meet funding standards, with the total deficit estimated to be €8bn.

The figures were revealed at a special seminar hosted by Irish Life & Permanent & yesterday, looking at the move from defined benefit to defined contribution schemes.

Less than two years ago, the Pensions Board suggested about 1,000 defined benefit schemes were in existence, but closing at a rate of 200 per year. Irish Life & Permanent &yesterday said there are less than 900 schemes in existence.