Lack of aid for pension schemes ‘disgraceful’

THE country’s largest trade union has attacked the Government for rescuing banks from their current crisis while pension schemes are left to crumble.

Joe O’Flynn, SIPTU general secretary said it was “nothing short of disgraceful” that ordinary workers contributing to their pension entitlements are left facing the prospect of significantly reduced pensions as they come to retire while the financial sector is protected to the tune of €400 billion.

“We have the scandalous situation where workers paying to provide for a reasonable standard of living in their senior years following retirement are witnessing the near collapse of their pension schemes with the massive reduction in equity, property and other returns,” said Mr O’Flynn speaking at the union’s south-west regional conference last night.