Róisín Shortall (Dublin North West, Independent) | Oireachtas source

It is a matter of regret that the Government has failed to address this issue since the European Court of Justice issued its judgment last month. This is a pressing issue that has been around for a number of years. It concerns the workers from Waterford Crystal but also has implications for many other workers in this country who are members of defined benefit schemes.

The workers' legal teams are currently preparing for a return to the Commercial Court. If the matter goes ahead, the court will decide the outcome of the case. It is expected that there is likely to be a determination from the courts that will entail a capital sum as a financial settlement. Such a financial settlement will have significant implications. There has been speculation that it could be in the region of €250 million to €300 million. It would seem to make eminent sense to have an engagement between the Government and the workers in order to make provision for the workers' pension provision and secure it for the future. That could be done by way of staged payments. It is estimated by the workers' actuarial advisers that the payment could be as low as €2.5 million initially, rising to a maximum of about €80 million in 2030. This is about extending that payment period and the Government meeting its commitments by way of staged payments in order to guarantee the pension rights of those workers.

This kind of approach has a lot to recommend it because we do not know what a court ruling is likely to come up with in terms of the Government's commitment and obligations. It has potentially significant, immediate implications for the taxpayer unless the Government seeks to reach some kind of settlement which would not only give security for the workers themselves but would also initially take pressure off the taxpayer's liability. It makes common sense to take that kind of practical approach to resolving this issue. It is regrettable that no action has been taken in this regard up to now.

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