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.

FOUR out of five defined benefit pension plans are failing to meet statutory funding standards while a sixth are likely to be wound up due to difficulties.

Ireland's 10 biggest plcs had a combined pension deficit of €3.3bn at the end of 2004, figures have revealed today.

PENSION schemes that guarantee a percentage of final salary will die out unless employers are given tax breaks to keep them in place, a leading pensions consultancy said yesterday.

RADICAL changes are needed to the funding criteria for defined benefit pensions in view of recent stock market developments, an expert warned yesterday.