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Capitalism: Official destruction of pension funds
  • Vitaliy_KiselevVitaliy_Kiselev

    People holding their pension with Bank of Ireland will soon be charged to do so.

    From September, Bank of Ireland will apply an interest rate of 0.65% on pension pots, meaning customers will be charged €65 a year for every €10,000.

    We recently wrote to 14 investment and pension trustee firms to inform them about a rate change to their accounts, which is reflective of the negative interest rate environment.

    The average amount held on deposit by investment and pension trustee firms is in excess of around €100m, therefore it is no longer sustainable for the Bank to continue with the current rate of interest.

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