Hi
I was listening to Prime Time last night.
There was a discussion around a pensioner (Maurice Hudson) who lost €450,000 in his pension when IBRC was liquidated - as it wasn't covered under any protection scheme.
Afterwards; Stephen Donnelly (Independent TD.) was on speaking and said that:
€450,000 (while larger than the average pension pot) would roughly give a pension of €27,000 a year - something similar to a public servant who'd retire on a salary of €54k - €55k
I would have thought that this would have been an insufficent amount in the pension fund to give such a yearly pension.
Can someone with expertise in the area confirm?
Thanks
I was listening to Prime Time last night.
There was a discussion around a pensioner (Maurice Hudson) who lost €450,000 in his pension when IBRC was liquidated - as it wasn't covered under any protection scheme.
Afterwards; Stephen Donnelly (Independent TD.) was on speaking and said that:
€450,000 (while larger than the average pension pot) would roughly give a pension of €27,000 a year - something similar to a public servant who'd retire on a salary of €54k - €55k
I would have thought that this would have been an insufficent amount in the pension fund to give such a yearly pension.
Can someone with expertise in the area confirm?
Thanks