Retired bankers may see pension payouts slashed

Retired bankers with massive pensions of more than €100,000 could see their payments slashed by up to 40% under proposed changes to the law.

Legislation published by Fianna Fáil calls for retired executives of state-guaranteed banks to take the hit to restore public confidence in the tarnished institutions.

Finance spokesman Michael McGrath said the Government had no reason to reject the bill, which he described as deliverable and achievable.