Concern over decline in occupational pensions

The Pensions Board has expressed serious concern over the declining number of occupational pensions.

Almost 772,000 people currently have this type of pension, some 38,000 fewer than in 2010 and a drop of almost 5%.

The Board has expressed particular concern over Defined Benefit Schemes, 80% of which are in deficit.

It also said that the number of whistleblower reports it has received about non-compliance with pension rules remains very high.

The Board successfully prosecuted 26 cases during 2011.