Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

There is a potential to resolve the problem in the pension scheme. A significant deficit has arisen over the years because the company and former staff did not put enough into the scheme to match the benefits that were expected or promised. Deficits that accrued in similar schemes in the private sector and semi-sector have been resolved by companies investing more money and beneficiaries accepting reduced benefits. The current problem arises because the deficit is so big that what is being asked from the company, staff and former staff is also very big. That is the space in which the solution has to be found, however. The expert panel is due to report to us on 14 April. The parties are currently quite far apart. The expert panel can make recommendations but it cannot impose them. What will be required after that will be decisions by the trustees and, probably, ballots by the existing workers if not also by other members of the scheme. As there is a soft deadline of June because of pension rules and regulations, the issue will need to be resolved by then and, of course, there is a risk of industrial action in the meantime.

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