Éamon Ó Cuív (Galway West, Fianna Fail)

I move:

That pursuant to Standing Order 172, Standing Order 127 is modified to permit an instruction to the Committee to which the Social Welfare (Miscellaneous Provisions) (No. 2) Bill 2010 may be recommitted in respect of certain amendments, that it has power to make provision in the Bill in relation to:

- amending the Pensions Act 1990 to allow pension scheme trustees purchase annuities approved by the Pensions Board and to provide the courts with the power to relieve a trustee in whole or in part from liability for breach of trust where the court is satisfied that the trustee acted honestly and reasonably in relation to the purchase of annuities approved by the Pensions Board;

- amending the Taxes Consolidation Act 1997 to provide that a pension scheme which purchases a policy or contract of assurance approved by the Pensions Board shall continue to be an approved scheme for the purpose of the Taxes Consolidation Act 1997;

- changing the title of the Bill to take account of these changes;

- the legal structure of the work placement programme or the programme described as the skills development and internship programme.

Pension schemes have been significantly impacted by the downturn in the financial markets. Defined benefits pensions schemes are subject to the funding standard requirements as set out-----

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