Irish defined benefit pension schemes have become increasingly insolvent, with the deficit hitting €10bn, according to a Lane Clark & Peacock Ireland survey.

THE holders of direct benefit pension plans are in the midst of a “perfect storm” as 18 months of financial turmoil take a devastating toll on pension funds, a report has suggested.

Irish Pension funds have been through a "pensions hurricane" caused by a combination of occurrences which has left some beyond repair, the Irish Association of Pension Funds (IAPF) heard today.