Leo Varadkar (Dublin West, Fine Gael)

The reason for setting up State companies is because they can operate on a commercial basis. The State is the shareholder but they are not part of the public service and their workers are not State employees. The Exchequer is no more liable for their pension costs than the shareholders in Tesco or any other private company. The pension contributions were not paid to the State. They were paid into the pension fund.

There is an upside as well as a downside to working for a semi-State company. Employees of these companies do not have to pay the pension levy and they pay considerably less for their pensions than public servants. They were not bound by the pay cuts imposed on public servants or retirees from the service. They cannot have it both ways in terms of enjoying the benefits of State protection without taking the pay and pension cuts that come with being a public employee.

See this speech in context