Sir, – The Report on Pension Charges in Ireland 2012 is seriously flawed as it does not include the charges incurred in converting a pension pot into a pension. These conversion charges account for the bulk of pension erosion. The pension industry’s total take from pension contributions is close to 75 per cent when the conversion charges are included, as confirmed by the Waterford Institute of Technology some time ago.
It is no surprise that Aer Lingus workers are left with only 10 per cent of their pension expectation or that the report understates the loss and hardship suffered as a result of inaction by successive governments.
In these austere times why is so much money, circa €10 billion per annum, being wasted in such Ponzi schemes? Why has the 30-year-old 1982 EU directive, which would provide better protection for private sector occupational pensions, not been transposed?
How much will it cost Irish taxpayers to pay the European Court of Justice fine if it ever gets around to imposing one for this delay based on the recent septic tank fine?
Why is it taking so long to address the inequitable tax treatment of pension contributions identified by the trioka? – Yours, etc,