80% of Defined Pension Schemes 'short of funding standards'

Some 80% of Defined Pension Schemes are failing to meet funding standards, according to Irish Life.

The financial institution will today hold a conference on how companies can deal with the pension crisis.

Irish Life will also outline solutions for employers who are faced with the issue of unaffordable pension schemes.

Head of Irish Life corporate business David Harney said that companies are struggling to meet the costs of employee benefits.

"The issues employers are facing are the increasing costs of those schemes, and for many employers now, they are no longer affordable," he said.

"You know, really once the costs go above 20% of salary roll, that becomes too much for employers to bear."