Irish pension fund losses greater than rest of EU

PENSION funds have suffered greater losses in Ireland than in any other EU country because of a “cultural over-reliance” on investing them in stocks, shares and properties.

The National Pensions Board said yesterday that up to 90% of private pensions are under-funded and are considerably worse than most other countries as a result of the financial crisis and economic downturn.

Chief Executive, Brendan Kennedy, also told a Dáil committee yesterday they are unlikely to achieve the target to have 70% of 30 to 65-year-olds signed up to a pension by 2015.