More defined benefit pension schemes to close as deficits mount

More defined benefit pension schemes are likely to close in the coming year as figures show mounting pension deficits at some of the biggest firms in the country.

An analysis of 26 of the largest companies shows deficits in defined benefit pension schemes rose by more than €2bn last year.

The total deficit at those companies evaluated by business consultants LCP Ireland, including 11 of the largest listed companies, 11 semi-state or state-owned companies and four others, stood at €5.8bn in 2014.