Clare Daly (Dublin North, Socialist Party) | Oireachtas source

The Minister has attempted to swat away the problem and say it was as a result of a management decision and had nothing to do with him. We do not accept that is the case. Unfortunately, the attempts to close down defined benefit schemes are becoming all too common. It happened recently in the national theatre - the Abbey Theatre - and there is a threat to the scheme at the airport. This is a serious issue for many reaching retirement age. Any talks are very welcome if they are taking place. However, has the Minister instructed management at Permanent TSB to continue paying into the defined benefit pension scheme while these talks are in progress? To be honest, if he has not done so, it is an academic exercise and window dressing and will not be a serious attempt to address the very real problems faced by the staff. It is not just because people are living longer that there is a problem with pension schemes; it has come about as a result of a race to the bottom in employment and many staff who joined these companies joined defined benefit schemes, but the schemes were inadequately funded. I assume the Minister is aware that the OECD has stated companies should not be allowed to walk away and leave pensioners holding the can for poor decisions. What does the Minister intend to do in the next ten days to make sure this scheme is not shut down in order that there can be meaningful discussions to look at how the situation can be retrieved and people who have worked a lifetime in the bank can retire with dignity?

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