THE recent report from the Irish Association of Pension Funds (IAPF) that there has been a significant decline in the number of defined benefit pension schemes offered by employers is confirmation of one of the worrying developments in the pensions area.

WHILE the 50c price increase on a packet of 20 cigarettes and related products was disappointingly low, Finance Minister Brian Cowen did recognise that price is a valuable tool in dealing with the serious issue of tobacco addiction.