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Ireland’s Burton Says Will Detail Sovereign Annuity Shortly

Sept. 21 (Bloomberg) -- Ireland’s Social Protection Minister Joan Burton said her ministry will “very shortly” detail findings on sovereign annuity. At a conference in Dublin today, she said that her ministry had done a “lot of work” on the issue.

So-called defined benefit pension plans guarantee their payments by buying annuities that typically invest in top-rated German bunds, which trade more frequently than their Irish counterparts. Irish pension funds want the government to let them switch to annuities that can buy lower-rated local securities.

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net

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