IBEC calls for review of pension scheme funding requirements

Business lobby group IBEC has called for an urgent review of Irish pension rules, claiming that many defined-benefit pension schemes risk closure because they cannot meet the minimum state requirements.

Business lobby group IBEC has called for an urgent review of Irish pension rules, claiming that many defined-benefit pension schemes risk closure because they cannot meet the minimum state requirements.

The group said that, "given the extremely volatile market conditions", the Government should reduce the minimum funding standard to give companies the necessary flexibility to make the best long-term investment decisions.

IBEC director Brendan McGinty said: "Many private sector defined benefit pension schemes are facing a November deadline from the Pensions Board to submit proposals on how they plan to address scheme deficits.

"However, companies are concerned that they are being forced to make investment decisions that will meet the draconian minimum funding standard in the short-term, but will negatively impact the long-term viability of these schemes."

More in this section

Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

War of Independence Podcast

A special four-part series hosted by Mick Clifford

Available on
www.irishexaminer.com/podcasts

Commemorating 100 years since the War of Independence