Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

Can a company restructure on multiple occasions with the result that a scheme member would lose out not just once, but several times?

The under-funding crisis is another legacy of the banks. One should remember that many of the funds are in trouble because of the banks or investments in banking shares that have now collapsed. Pension scheme members comprise another victim of the banking crisis.

Many problems with pension funds could be sorted out if we diverted some of the €2.5 billion that is currently spent on tax breaks for private pensions, mostly for the genuinely premium gold-plated pensions of the super-rich or wealthiest in the country, to help with crises such as those in Waterford Glass, the ESB and other companies whose pension schemes are in trouble. In this way, we could actually resolve the problem whereby ordinary workers are being shafted. They are victims yet again of the banking crisis.

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