Joan Burton (Dublin West, Labour) | Oireachtas source

I think the answer is "not negatively" but if, for example, the employer wishes to contribute to the scheme in order to provide for additionally, that would be completely possible. Due to the fall in stock market values which lasted until recently - this year and last year stock market values have begun to increase significantly - pension funds across the western world experienced significant deficits. This was because of the fall in the stock market but also the turbulence in markets arising from the financial crisis. Many schemes were built up decades ago based on assumptions about longevity and the profile of members at retirement age. People in Ireland are living much longer and there is a general move to review pensionable ages. There was a view of people retiring earlier. Ten or 15 years ago it was not unusual for people in places like banks to retire at the age of 50 or 55. That is becoming rare as people move towards longer working lifetimes. It is up to each scheme to review its position. In some cases the employer may agree to fund the additional portion. If it does, it will incur additional liabilities under the scheme. It is hard to be specific in this regard because each scheme is particular to itself and there are a large number of relatively small schemes in Ireland, as well as a small number of large schemes.

It is not a question of anybody being reduced. This amendment relates to schemes and the State pension age. They may be different in some cases or parallel in others.

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