Pensions crackdown

The annual report of the Pensions Board has raised serious concerns about a significant drop of over 38,000 in the number of people with occupational pension schemes during the last two years.

Moreover, it has found that as many as 80% of the defined benefit schemes are in deficit, some in substantial deficit.

As a result of stock market turmoil and low interest rates, defined benefit pensions are disappearing in many countries.