Only one-third of firms offer defined benefit pensions

The percentage of Irish companies offering their workers defined benefit pensions has almost halved in the past five years, according to the Association of Pension Funds.

The association says just over one-third of companies currently offer such pension schemes, compared to two-thirds five years ago.

It also says the number of companies that only offer defined contribution pensions has tripled in the same period.

A defined benefit pension guarantees the employee a fixed amount of money when they retire, while defined contribution pensions depend on the performance of investments.