Targeting pensions a misguided, cynical policy

Years ago Irish people who worked in our society entered a compact with their political masters.

In both the private and public sectors individuals began their working lives in the understanding they could retire after a career in the knowledge that a monthly pension would be paid to see them through.

It was a simple but effective exchange of trust; you work diligently in this state for 40 years and we’ll ensure you retire in relative comfort. That trust has been shattered. It started with the recognition that defined benefit schemes (the ones that gave you about 65% of final salary) were costing employers and the State a fortune, particularly as more people were living longer.