Struggling pensions sector gets welcome lifeline

THE struggling pensions sector was thrown a lifeline yesterday after a November deadline for under funded defined benefit (DB) pension schemes to submit proposals to address their deficits was extended.

The decision by Minister for Social Protection Éamon Ó Cuív has been warmly welcomed by employers and the pensions industry.

At present, over 70% of DB pensions are in breach of pension legislation after the meltdown in Irish share prices over the past two years.