Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I have met individual members who have been affected by this. It is my intention to meet a representative number of the deferred members today to discuss the matter. I am very much aware of the personal difficulty that many of them face.

Alongside that, the pension fund now has a deficit of over €750 million. The funding made available to deal with the issue is €270 million, out of which €60 million is being set aside to deal with the needs of deferred members. That €60 million is an increase of €20 million from when the latest phase of the process began.

The Deputy mentioned my signing of the commencement order. What would the consequences have been if that order had not been signed? The trustees wrote to me requesting that this happen. If I had not signed that order, a fund that has a deficit of more than €750 million would have found itself in an unknown situation in which, I believe, the consequences would have been worse for all members of that fund.

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