Willie O'Dea (Limerick City, Fianna Fail) | Oireachtas source

The view taken by the authorities in the United Kingdom was that in all cases the amount to be guaranteed would be up to 89%. The Minister has correctly noted that the State pension system is much more generous than the system in place in the United Kingdom and that 100% protection is being proposed for pensions of up to €12,000 per annum. Notwithstanding this, it is valid to point out that there is a hell of a difference between 50% and 89% protection. It could be argued that because sums of up to €12,000 are being fully guaranteed and we have a more generous social welfare and pensions system than in the United Kingdom, the Government would be justified in providing less than 89% protection, for example, 75% or 70%. The reality, however, is that it is providing the bare minimum because, to use the Minister's phrase, the signpost was 49% protection and the Bill provides for 50% protection.

How much of the yield from the pension levy will need to be paid to reach the requirement arising from the Waterford Crystal case? What is the expected yield from the pension levy in 2014?

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