Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The individual shareholder cannot apply for a section 50 reduction. The section permits a pension board, following an application by trustees, to direct those trustees to reduce benefits, if they are subject to active and deferred scheme members or pensioners currently in receipt of a pension.

Fairness is clearly an issue and it must be reflected in the budget, in so far as the Government can do that. The review of all levels of pay in the pillar banks is being carried out by the Minister and the Department of Finance. Additional information in that regard has been provided by Mercer. The Government has adhered to the caps that were set in place.

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