David Stanton (Cork East, Fine Gael) | Oireachtas source

My time is limited. We have had quite a lot of legislation in this committee since it was set up and the Chairman has been working members very hard. We have not been idle. We need to take up this issue.

The documentation from the Department in the request for submissions states, "Section 50 of the Pensions Act 1990 provides that the Pensions Authority may make a direction to reduce pension benefits payable to, or respect of, all scheme member cohorts (active, deferred and pensioner members) in order to satisfy the funding standard, and continue to allow the scheme to operate." It then refers to the various limits by which benefits can be reduced. The witnesses will be familiar with this. Reference is made to the risks to the scheme of underfunding, an issue raised by Deputy Bruton, and also to other protections. The call for submissions document states: "In addition, the Pensions Authority plays an important regulatory role in relation to occupational schemes and the Financial Services Ombudsman adjudicates on pension appeals taken by individuals as an avenue to vindicate their rights." I take it this is true. What I am taking from the presentations is that the organisations present want to be able to formally have a seat at the table. When do they want that to happen? Is it when pensions only are being discussed? When and how often does that happen in the organisations we are talking about?