Pension woes… redux January 17, 2017Posted by WorldbyStorm in Uncategorized.
Grim reading in the SBP that:
Irish Life, the country’s largest pension provider, is set to close its own defined benefit pension scheme, despite the fact that it has a huge surplus, it is understood.
Where is the surprise. The pensions industry has all be run hot foot towards ‘providing’ defined contribution schemes. Why should it be different for them in relation to their own staff. And the issue of sustainability – well, that’s always seemed a thin excuse from the off. In IL’s case they have, according to the paper, ‘a surplus of €323m and 1,178 members with an average age of 43’.
Clare Daly had a strong response:
Jus like the CRC, INM and others this is another cynical opportunity for employers to abandon their responsibilities to their employees in order to enhance the value of the balance sheet.
But that’s the thing. The companies feel no sense of responsibility to those employees, or any others.
Ironic too that a few weeks back the SBP business section noted that one of the possible events of the year was the introduction of ‘mandatory’ pension schemes for all. And there we see the companies pushing yet more responsibility on to the state – despite the abysmal level of wages paid in this state.