Hanafin to 'closely monitor pension schemes'

The Social and Family Affairs Minister has said she is closely monitoring pension schemes in Ireland and is preparing proposals for a long-term strategy.

A leaked memo from Minister Hanafin to the Government reveals that tens of thousands of people could lose their pensions in the next six months.

It predicts pension deficits of up to €30bn and says the Government will find it impossible to make up any shortfall.

Minister Hanafin said these are turbulent and difficult times for money markets, where most pension funds are invested.