Pension crisis as Irish Life scraps gold-plated fund
The largest pension provider in the State is closing its staff pension scheme, prompting fears that traditional defined benefit plans are now set to disappear from the private sector. Unions at Irish Life want the law altered urgently in a bid to stop the company closing its defined benefit pension for staff. Some 1,200 staff members will be hit by the move. It comes despite the Irish Life scheme having a €150m surplus. It is unusual for a private sector defined benefit scheme...