THE prospect of the state pension not being cut as part of the upcoming budget has been welcomed by the Irish Association of Pension Funds (IAPF) but the organisation has expressed concern over the long-term health of occupational pension schemes.

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.

Raising the retirement age to 75 would be the most effective way of avoiding a pensions crisis in Ireland, it was claimed today.