The Pensions Board has strongly criticised trustees of Irish pension schemes saying that in 'very many cases' they are exposing members to significant risks of further losses.

Board chief executive Brendan Kennedy said it was more than three years since stock markets crashed, but the Pensions Board has seen no noticeable reduction by Irish pension schemes in their exposure to equities.

In its annual report, the board says that the greatest single risk to Irish pension schemes is investment risk and the failure to manage this risk is the main reason why so many people will have less at retirement then they expected.

The Pensions Board estimates that 75% of defined benefit schemes are in deficit with the funding deficit substantial in many cases. It says the losses in defined contribution schemes are similar.

The board has relaxed a deadline for pension schemes to achieve minimum funding standards. Mr Kennedy said the board planned to set a revised deadline as quickly as possible.

The body's report points to a fall-off in the numbers saving for their retirement during 2010. It says the fall in pension scheme membership is of concern because of the importance of personal saving to provide for retirement in addition to the state pension.

The report also said the board was continuing to investigate a 'substantial' number of cases in the construction sectors, where workers' contributions were not passed on by their employer to the Construction Workers' Pension Scheme.