Jim Daly (Cork South West, Fine Gael) | Oireachtas source

This meeting has been convened for the purpose of consideration by this select sub-committee of the Social Welfare and Pensions (No. 2) Bill 2013 which was referred to it by order of the Dáil on 6 December 2013. The Bill addresses the situation where an under-funded defined benefit pension scheme winds up in deficit or elects to restructure. At present it is possible that pensioners receive all or almost all of the pension fund while members who have contributed but not retired receive considerably less than expected. The Bill will ensure a more equal distribution of assets in an under-funded defined benefit scheme when an insolvency restructuring occurs. The measures will apply only in a limited set of circumstances and, therefore, to a small number of schemes.

I welcome the Minister for Social Protection, Deputy Burton, and officials from her Department. My intention is for the select sub-committee to conclude its consideration of Committee Stage of the Bill this morning. Is that agreed?