Pension fund deficits soar in wake of ‘perfect storm’

THE holders of direct benefit pension plans are in the midst of a “perfect storm” as 18 months of financial turmoil take a devastating toll on pension funds, a report has suggested.

Independent analysis by the accountancy firm, Lane Clark and Peacock (LCP) has revealed how pension deficits at the top 25 companies quoted on the Irish Stock Exchange have more than doubled in the last 12 months to €4.5bn.

The report also goes on to reveal a burgeoning pension black hole at four of the country’s top state companies.