Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

Yes. The section passed by the Seanad contained a provision to allow the employers to involuntarily remove staff from the IAS and include them in a new scheme. That provision is being dropped by this amendment.

On the 1,250 staff who do not have access to a pension scheme, it probably is the case that there are potential dissolutions. The Deputy is correct that their employment could be moved to a new company; that a new company could be set up. It would be a cumbersome way of solving the problem, but that is probably the case, or we could do it by a separate amendment. That amendment is not on the table, but, technically, the Deputy is correct in that regard.

When it comes to the pensioners, under the Pensions Act there is a limit to the amount by which a pension can be reduced for someone who is drawing a pension. It allows for no reduction in any pension less than €12,000, a maximum reduction of 10% in a pension between €12,000 and €60,000 and 20% in the case of pensions above that amount. It is not provided for in the Pensions Act that there can be a greater reduction in anyone's pension.

Deputy McNamara asked about ARI scheme. Section 34 does not have any implications for the ARI's existing defined contribution scheme. Allowing the DAA and SAA to establish their new pension schemes for their staff will not affect the existing pension arrangements for the ARI staff. I am happy to give that assurance.