Irish Independent: Employers brace for impact of massive cull to pension plans


Massive changes on the way for pensions in this country have prompted a warning that employers need to get good advice before they act.

About 300,000 workers are set to be impacted by a once-in-a-generation change in the way pension schemes are governed.

Raymond McKenna, a partner at consultancy Lockton Employee Benefits, warned: “The move to a master trust is a significant event that will have an impact on employees and their retirement savings.”

He said there is a cost difference of up to 50pc from the different master trust operators in the market.