Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

The effect of amendment No. 9 would have been to create a new section 35. The intention was to address the funding position of the Irish Aviation Authority scheme in the event of its being wound up. My view, which other Deputies share, is that there should be a provision to ensure that until it has reached a minimum of 90% funding, there should not be the capacity to eliminate it or close it. For that reason, we are disappointed that the section that deals with it, largely section 34, did not have the capacity to address this important factor. We were concerned that there was the capacity to close the pension scheme with a funding standard of less than 90%, which would have a detrimental impact on all those who participate in the scheme, including employees, retirees or deferred pensioners. The amendment would have been an appropriate way, in advance of any solution coming forward to the negotiation that took place, to put such provisions in the legislation rather than what we have discussed. I am disappointed the section is proceeding as it is. It looks like there is no plan by the Department, Minister or Government to address this important matter.