It is largely the high cost of annuities which continues to bankrupt DB schemes in this country, and it’s a bit Irish that the solution is to evict the members and let them fend for themselves. In effect, they’re being told “we can’t afford to pay the pension we promised, so here’s a lump of money – see what you can do yourself.”
“It remains distinctly odd in the context of the effort to address abysmal pensions coverage in this country, that the Government should conclude that there are too many pension schemes in Ireland. We think there are too few!”
Consumers confused by plethora of illogical and unequitable rules...