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

My amendment, No. 4, makes substantially the same point. As the law stands, a company which is financially healthy, or whose parent company is financially healthy, can simply allow a pension fund to run down and close it. We propose that no company which is financially healthy should be allowed to close a defined benefit pension scheme under which people have legitimate expectations until that scheme is at least 90% funded. I am open to suggestions about mechanisms to measure that, or who can determine that. At that point if the company wants to close down the scheme that is fair enough, but people will at least be able to get most of what they have been led to expect they will get.