Government plan could be fatal blow for banks

SOME years ago I persuaded my son, then in his early 30s, to begin putting money into a private pension fund (a PRSA).

As my son was (and is) in the type of job that requires movement from one employer to another, he would have no other type of pension other than the state pension. He works very hard — often 12 hour days which finish about 11pm. His pension contributions are, of necessity, quite modest. I now am beginning to regret having advised him to contribute to a private pension fund due to the recent “raid” (as described by Eddie Hobbs) on private pensions.

I contribute to a PRSA myself which currently is worth less than I have paid in. I have no problem at all with huge pension pots being “raided” by the government, or a change in the rules to prevent any abuse of the scheme.