More defined benefit pension schemes are likely to close in the coming year as figures show mounting pension deficits at some of the biggest firms in the country.

Deficits in the Defined Benefit (DB) schemes of the largest Irish private and public sector bodies more than doubled between January and August of this year as the pension levy and falling bond yields took their toll.

THOUSANDS of employees at some of Ireland’s biggest companies have had their pension benefits slashed in order to improve the balance sheets of the businesses.

ANGLO Irish Bank is one of just three of Ireland’s largest firms to have sufficient assets in their pension scheme to meet the retirement needs of employees.

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.