TRYING to instigate a discussion that might acknowledge our looming pensions’ crisis brings to mind those myriad sandwich-board men who warned us all with unshakeable certainty that “The End Is Nigh” — we all know he will be right eventually but we’re not that bothered about the grim prospect to do anything about it just yet. Make us good Lord, but not just yet.

The body that represents the largest corporate pension funds and pension investment managers has said the value of savings held in pension schemes is now higher than before the crash, despite the Government extracting an estimated €2.5bn in levies over the last four years.

The Government’s pension levy haul yesterday passed the €2.3bn mark as a further €140m was raided from private sector pension funds.

Two thirds of retired public service workers who saw their pensions slashed during the economic crash are set to benefit from increases of up to €1,680 over the next three years, in sharp contrast to their private sector colleagues.

The reduction in the controversial pension levy which has siphoned more than €2bn from private sector pensions in the past four years was universally welcomed yesterday.

The amount of money people are putting into their pension to save for their retirement reached record levels last year.

Unless employees take a more active role in managing their pension contributions, they may find themselves struggling when they retire.

The Government was accused last night of reversing a commitment to scrap the pension levy, with the Budget 2014 announcement that it will actually increase next year.

Michael Noonan has been urged to do a U-turn on his pension proposals in next month’s Finance Bill; with proposed pension levy changes being slammed as unjustified and a potential deterrent to people saving for retirement.

Any change to the marginal rate tax relief in next month’s budget would be hugely detrimental to attempts to encourage people to save for retirement as it would introduce a disincentive to save, according to one leading body.

Ireland’s rapidly ageing population is leading to a financial time bomb, with warnings that no plan is in place to cope with the dramatic rise in those aged over 65.

Unlike the difficulties Cyprus encountered when trying to levy bank deposits, our Government’s raid on pension funds here was carried out almost without incident, writes Joe Brennan

Almost half of all adults are relying on the state pension to see them through retirement, according to a survey conducted by the Irish Association of Pension Funds.

The pensions landscape is going to be dramatically changed and private sector workers are going to have to either work longer or pay more into their pension schemes.

IRELAND’s creaking pensions sector has come in for further criticism, with the head of the Pension Funds Association warning that further takes from the sector, in the upcoming budget, could ultimately kill off any long-term savings culture here.

The €1.9bn levy on private pension pots has been branded a tax on jobs and savings.

THE Government is to take €2,000 from hundreds of thousands of workers’ private pensions over the next four years under a new levy.

A BUDGET provision that will allow cash-starved pension schemes to purchase annuities invested in Irish government bonds could be a ‘win-win’ situation for both scheme members and the state’s finances.

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.

DESPITE growth of almost 14% to €72 billion last year, Irish pension funds are still 16% below their 2007 peak of close to €87bn.

FEARS people nearing retirement age will be forced to work longer before claiming their pensions have been eased by Taoiseach Brian Cowen.

STANDARDISATION of tax relief on pensions at 33% could save the Exchequer €500 million annually, according to a report on pensions issued yesterday by the Economic and Social Research Institute (ESRI).

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 Government has been encouraged to take a more flexible approach to the pensions system.