John Brady (Wicklow, Sinn Fein) | Oireachtas source

I thank Mr. Courtney. That says it all. The issue affects 20 people. The financial implications of bringing into effect the real meaning of equality would be very small. While we are dealing with heads of the Bill and it is to be hoped that the issues the witnesses outlined will be addressed once it is published. If not, it is incumbent on members of this committee to bring forward amendments. I will consider doing so.

We wait with great anticipation for the actual Bill to be published. Again, I thank the delegation for attending.

Sinn Féin introduced a pensions Bill against a backdrop where defined benefit schemes in many large companies - most recently that in Irish Life, which had a large surplus and was never in deficit - are being wound down and replaced with defined contribution schemes. Essentially, it is robbing the employees who have paid into these schemes. The companies in question, such as Independent News and Media, INM, and others, are highly profitable. The Pensions Authority pointed out how there are now 628 defined benefit schemes compared to 2,560 in 1992. We can see the direction in which this is going. What is contained in the proposed Bill will move it from voluntary to mandatory. Should it not be made illegal for profitable companies which are not in deficit to be able to wind down their defined benefit schemes? Fundamentally, the Sinn Féin Bill would stop such companies from winding down their schemes. I appreciate that the Pensions Authority has only been recently established. Has it looked at any measures to tackle the winding down of defined benefit schemes? Has IBEC examined the Sinn Féin legislation? If so, will it comment on it? IBEC is critical of what is being proposed but it has not put forward any tangible alternatives in respect of defined benefit schemes. Has it any suggestions to stop these schemes being wound down?