Aengus Ó Snodaigh (Dublin South Central, Sinn Fein) | Oireachtas source

Is that something that is being considered? It should be considered. It will probably take longer if it is not. DB schemes are closing in Ireland at a very fast rate and, in fact, according to the OECD, the number of DC schemes is also reducing, which is interesting. That might be due to the number of companies that have closed. It is a dangerous time for pensions and workers in Ireland and we must ensure that existing members and, in particular, deferred members get their entitlement to money that was supposedly set aside for their retirement. We will return to the matter of deferred members because it is a huge issue for them, as well as for existing members which the Bill is trying to deal with.

I am pressing the amendment. There must be something in the legislation to impose an obligation on healthy companies to continue to fund the DB scheme. If they wish to close it for future entrants, that is a matter for themselves and their future workers. If they wish to close it for existing members and pensioners, I caution against giving them that ability. However, it is something they have already, but they would have to buy out their liability to the existing pensioners, deferred members and active members. They must understand that they have that liability, come what may, and that if they will not honour it in Ireland, the State or the European Union will hound them to ensure that people get what they have set aside or what is supposed to have been set aside. It is part of the workers' wages that is being set aside for these pensions.