Willie O'Dea (Limerick City, Fianna Fail) | Oireachtas source

I hope the Minister's optimism is borne out and that we have few, if any, future double insolvencies. The legislation provides for such eventualities. In the event of a double insolvency the legislation provides that people's defined benefit entitlements up to a maximum of 50% will be financed by a levy which is levied on pensioners, of which there are only two types, namely, members of defined benefit pension schemes and members of defined contribution pension schemes. As this applies only to the former, members of defined contribution pension schemes believe they should not be paying the levy. It will be of no benefit to them.

It relates exclusively to the other type of pension.