Pension amendment delay criticised

The Irish Association of Pension Funds has hit out at the Government for hesitating over its plans to provide for people losing out from defined benefit pension scheme failures.

The Government last year indicated that it would reform the Pensions Act in order to ensure a fairer outcome for members of defined benefit schemes that wind up in deficit.

Estimates recently communicated by Irish Life & Permanent& suggested that as many as 80% of defined benefit schemes here are failing to meet funding standards, with the accounting deficit at around the €8bn mark.