WORK-based pension schemes took an €8bn hit from the pandemic last year.
The value of assets in occupational pension funds have since recovered, but they remain slightly below pre-pandemic levels, according to a new ‘Behind The Data’ report on pensions from the Central Bank.
Occupational pension fund assets make up around 30pc of the assets of households, the Bank said.
Jerry Moriarty of the Irish Association of Pension Funds said it was interesting how large a portion of household savings pensions represent, particularly as the figures do not include any value for public sector pensions.
The moves by employers to close down defined benefit (DB) pensions and replace them with defined contribution (DC) schemes means households are now more exposed to financial market movements.