Pension industry bosses are the new landlords

DURING the Great Famine of 1845, Ireland exported food, a little of which could have prevented the catastrophe. The revenue these exports generated was used to fund a lavish lifestyle for faceless absentee landlords.

Now, 160 years later, we are exporting money, a little of which could greatly reduce the effects of the recession. The money in question is the pension contributions of private sector workers subsidised by the Government to the tune of billions of euro.

Private sector pension funds are now valued at €100bn, the bulk of which is invested overseas. Workers’ contributions, government subsidies and profits are used primarily to fund the lavish lifestyles enjoyed by the pensions industry bosses — the new landlord class.