Pension’s wipeout fears - Reassure our pensioners

Minister for Social and Family Affairs Mary Hanafin has warned her government colleagues that tens of thousands of Irish pensions could be wiped out, as pension deficits could reach up to €30 billion.

About 90,000 pensioners and 250,000 workers are on defined benefit schemes, which are the most common pension schemes in this country. The overwhelming majority of these schemes could be in deficit when they next report to the Pensions Board.

In some extreme cases, the schemes may not have the funds to pay pensioners, much less meet the needs to fund the requirements of those still at work.