Dessie Ellis (Dublin North West, Sinn Fein) | Oireachtas source

I move amendment No. 3:

In page 28, to delete lines 20 to 38, to delete pages 29 and 30, and in page 31, to delete lines 1 to 33.

I support the creation of a new scheme, as proposed by Deputy Clare Daly, and the transfer of existing schemes to the new scheme to protect their conditions and standing, including the conditions of deferred members who have not even started to receive a pension.

Amendment No. 15 in my name would provide for an appeals mechanism to ensure deferred members would not be impacted on disproportionately as a result of restructuring and to ensure such a mechanism would be established by regulations which would also outline the manner by which representatives of deferred members might be selected.

Amendment No. 18 deals with the section describing a healthy company. It is proposed to insert a new section 32A in the Air Navigation and Transport (Amendment) Act 1998 which provides that a healthy company "shall not be allowed to close its pension scheme except where the scheme has reached a minimum 90 per cent funding standard". This would be fair. Section 32A(2) describes a healthy company as having positive net revenues or a parent company with positive net revenues. I support the other amendments also.

I have been contacted by constituents and, in particular, one woman about deferred pensions. Her husband is aged 61 years and will draw a pension in four years. He has a pot of €25,000. Under the arrangements proposed, he will be at a disadvantage in a number of years when the pots are put together in the context of how the money will be distributed. Is it clear that deferred members will lose approximately half their pension in four years? If they were to take up their pensions now, they would lose 10%. Will the Minister clarify the position?

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