Ibec warning over pensions

Ibec has attacked the Government for not doing enough to solve the employee pension crisis, and has warned that the point where several schemes will wind up on a weekly basis is fast approaching.

Addressing the organisation’s own pensions seminar in Dublin, today, Ibec’s industrial relations and human resource services director Brendan McGinty said one reason why many defined benefit schemes will not submit funding proposals ahead of the upcoming deadline is that they are being forced to wind up.

Noting the recent annual report of the Pensions Board finding that an average of seven defined benefit pension schemes were being wound up every month, in 2012, Mr McGinty said this figure is likely going to accelerate over the coming months.