Éamon Ó Cuív (Galway West, Fianna Fail)

As I announced recently, it is our intention to bring forward a new defined benefit model, the idea of which is to have core benefits and then to have top-up benefits, depending on the market. It will not be mandatory for schemes that are properly funded to transfer to this scheme but it will be available for schemes with funding difficulties. There is a tight timeframe for introducing all the necessary legislation by 1 July 2011 and, therefore, the Deputy cannot say we are dragging our heels on this. Legislative changes will be required and that is our intention.

The Government also published a comprehensive pensions framework last February and I reject the contention that it has not been active on this issue. The collapse in the value of equities on markets worldwide has had a devastating effect on the pensions industry and while some of the losses have been made back this year, they do not compensate for the losses of previous years.

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