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

I support Deputy O'Dea's amendment which seeks to ensure the pension levy would not be applied to DC pensions. We believe it is unfair to ask defined contribution contributors to fund a guarantee that applies only to defined benefit schemes. Ultimately, it is worse than this because as stated by the Minister when I raised this issue on Second Stage, the pension levy will be used to deal with double insolvency cases and has been allocated by the Minister for Finance for a variety of things, including the Exchequer. It has been used in the past to support the jobs initiative. We must be careful we are not engaging in double or treble accountancy such that the same money is not allocated on a number of occasions.

It is unfair that people who are not part of a particular scheme should have to subsidise it in some way. People should not be asked to pay for a scheme which would have been beneficial to those who were members of it. While it may be that for the greater good somebody has to pick up the tab in the case of double insolvencies, we should look at putting in place a cap on the liability of the State in the case of double insolvencies because it is a private arrangement, albeit that the Government has the duty of control of regulation.

I am still considering tabling an amendment in regard to putting a monetary cap on the amount for which the State would be liable in the case of double insolvency. I am trying to come up with a formula of words in that regard. In general, I agree with the thrust of this amendment. It would be useful if what the pension levy will be used for were explicitly stated.