Unions should campaign for pension rights

YOUR report from the ICTU conference in Bundoran headlined ‘Young workers are conned over pensions’ (July 7) was most timely.

I particularly support the comments by Eamon Devoy, the TEEU leader, when he called on the trade union movement to launch a nationwide campaign to defend occupational pensions. The move away from defined benefit to defined contribution pension schemes, which puts all financial risk on the shoulders of employees, is unwelcome. As pension is deferred pay, this move is a very real pay cut.

The assets of companies are now being calculated on their present value rather than, as heretofore, on their projected future value.