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

I support the thrust of amendments Nos. 13,14 and 24, which are being discussed together. Deputy O'Dea has suggested that the sums of money in the Bill be indexed linked or at the very least reviewed annually to ensure that the figure would not lose its impact over time. They should be indexed linked or tied to the equivalent, the State contributory pension, which is what the Minister suggested as the equivalent. Aligning it to the State contributory pension might allow it to roll over each year without the Minister having to review it on an ongoing basis.

We are dealing with defined benefit schemes. If the current trend continues, there will not be too many left in five or six years. I am including the 120 schemes in the problem area.

Is there a way of arriving at a formula of words with which the Minister would be happy to give effect to what is contained in Deputy O'Dea's amendments Nos. 16 and 17.

It is important that the value of the all the figures in the legislation do not lose the effect over time. The figures for the priority order are fine at present but let us remember that when I bought my house in 1994, it cost €32,000. Even in today's depressed housing market, that figure would go nowhere. What we consider as a reasonable pension today might have a different value altogether in the space of ten or 15 years time. Could we include in the definition section that all figures mentioned in this part of the legislation are index linked or at the very least that the lower figures should be tied to a realisable figure such as the State contributory pension, which is the nominal reason for the figure of €12,000.