Hanafin: Retirees always have state pension to fall back on

SOON-TO-RETIRE workers fearful for their private pension funds have been assured the Government will support them — but only by giving them the standard old-age pension to which they are already entitled.

Minister for Social and Family Affairs Mary Hanafin laid down a firm marker that there will be no extra state assistance for retirees whose company pension funds collapse.

“At the end of the day, they are private pension funds and they are subject to the volatility of the market,” she said.