February 2019

01Feb

Ireland. Deficits in traditional company pension plans rise to €1.6bn

DEFICITS in traditional company pension plans of quoted companies rose last year, in a move that could put pressure on the schemes. The black holes in the defined benefit pension schemes of Irish listed companies rose by 20pc last year, according to data compiled by Mercer. The projected deficit rose from €1.3bn in 2017 to €1.6bn at the end of 2018, largely due to poor equity market performance at the end of last year. With many of Ireland’s largest...

February 1, 2019
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January 2019

07Jan

Irish pension funds told to ‘diversify and de-risk over the coming year’

Irish pensions fund trustees have been told to “diversify and de-risk over the coming year” amid the huge losses of global stock markets and falling bond yields for some European markets.Pensions firm Aon said the fallout of market turmoil has led to a fall of 5.2% in “the traditional Irish pension managed funds” last month.“Global equity markets fell over the month as weak economic data from China and Europe fanned concerns of a global economic slowdown, leaving investors...

January 7, 2019
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December 2018

17Dec

Emergency Brexit plan being drafted for Irish residents receiving British pension payments

Emergency legislation is being drafted to ensure people living in Ireland who receive a British state pension are not impacted by the UK crashing out of the European Union. Senior civil servants are also drafting legislation which would ensure British-based pensioners who receive the Irish state pension do not lose out in a no-deal Brexit scenario. More than 135,000 people living in Ireland receive the British state pension. Pension payments are just one area of legislation identified during a root-and-branch trawl...

December 17, 2018
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11Dec

Ageing poses particular problems for LGBT people

From dealing with transphobia and social isolation to the difficulties in accessing vital medical care, Caomhán Keane gets the inside story. Statistics from the Visible Lives study in 2011 showed that 40pc of the older people surveyed were not 'out' to their health care provider and many feared that healthcare staff would not understand or would discriminate against them because they were LGBT (lesbian, gay, bisexual, and transgender). There is little evidence to show that that figure has improved following the...

December 11, 2018
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September 2018

19Sep

Ireland. One in five will still pay mortgage in retirement

Large numbers of cash-strapped householders expect to be still paying off their mortgages in retirement. A third of people are also concerned about having enough money to live on when they give up work, according to research into pensions commissioned by Zurich Life. The survey found that one in five of those with a mortgage is so heavily indebted they expect to be still paying off the home loan when they cease working. An even higher proportion of renters have given up...

September 19, 2018
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17Sep

Ireland. Health agencies face potential insolvency over pensions

Key health providers face possible insolvency in a dispute over pension liabilities in a confrontation that health officials warn could have adverse implications for Minister for Health Simon Harris. The State’s corporate watchdog, the Office of the Director of Corporate Enforcement, is pursuing a number of agencies that are funded by the Department of Health to provide services on behalf of the HSE over the manner in which they account for the pensions of their employees. The voluntary not-for-profit organisations –...

September 17, 2018
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10Sep

Ireland. Report warns of explosion in public debt caused by ageing population

Longer working lives, minimising increases in public spending and reforms to boost productivity will be necessary over the coming years if an explosion in public debt, caused by an ageing population, is to be avoided, a new report from the Department of Finance has found. The report, released by the department on Sunday, projects huge increases in age-related costs unless significant policy changes are made by future governments. Rising life expectancy, greater numbers of older people and a consequent fall in...

September 10, 2018
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August 2018

23Aug

Ireland. Gov launchs consultation process for mandatory pensions

The Government is launching a consultation process for the first step towards mandatory pensions this afternoon. Minister Regina Doherty is announcing the process for an 'Auto Enrollment Retirement Savings System.' It could see almost all workers enrolled from 2022 to ensure people working in the private are saving enough for their future. Donal Keating is a Tax Director with Price Waterhouse Coopers. He said today's announcement is of most benefit to under 35s: "If you're sitting listening and you're 58 saying I have...

August 23, 2018
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22Aug

Ireland. New compulsory pension scheme capped at €75,000

Private sector workers earning more than €20,000 a year will be automatically enrolled in the new scheme, which will see the Government contribute €1 for every €3 put into a State-run pension fund. Workers will not be able to opt out of the system for at least nine months. Employees earning more than €75,000 can contribute to the scheme but they will not be able to put any earnings above the salary cap into their pension pots. Workers earning less than €20,000...

August 22, 2018
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14Aug

Irish retirees at risk of losing UK pension payments over Brexit

Pension payments being made to thousands of people in this country are threatened by Britain’s plans to pull out of the European Union, it has emerged. The issue is a huge risk to the pension payments of people who worked in the UK and get either a UK state pension, a British private pension or both. And it is likely to affect people who worked in Northern Ireland but live in the Republic and receive a sterling pension. Around 120,000 people here...

August 14, 2018
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