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

I am sorry the Minister has left the House because I find her response totally unconvincing. Every Deputy has received numerous e-mails, telephone calls, letters and correspondence about the flawed proposal to deal with the IASS pension scheme, particularly from deferred pensioners. The scheme has been set up in such a way that they are taking the brunt of the hit and small wonder because they had absolutely no hand, act or part in deciding how the chips were going to fall. That is wrong. It is immoral. I listened carefully to Deputy Ryan’s contribution.

He suggested that an extra contribution of €50 million from the companies that are contributing would solve this problem. I am sure he has done his research and that what he is saying is correct. It is a very small amount of money in the context of the sums we are talking about here. The Government should have made a better and more strenuous effort to sort out this problem before the Minister for Transport, Tourism and Sport rushed out to sign the order and thereby consign these people to their fates. If the gap is as narrow as Deputy Ryan has suggested, surely it is not beyond the capacity of the Government to get it solved.

Two of the amendments, Nos. 19 and 20, are in my name. Amendment No. 19 proposes that a solvent and financially healthy company operating a defined benefit pension scheme should not be allowed to close that scheme until it has reached a level of 90% funding. That would protect the workers and the future deferred pensioners, etc. We are also saying there should be an appeal mechanism for the trustees. The Tánaiste mentioned that the matter can be referred to the Pensions Authority. Did she refer this matter to the authority? How many of these cases have been referred to the authority? I believe the authority will not consider these cases other than in the most extreme circumstances. In light of all the stories in the public domain about the mismanagement of pension funds by trustees in this case, not to mention all the allegations about conflicts of interest, etc., I am at a loss to know why the Tánaiste did not refer the conduct of those trustees to the authority. I ask the Tánaiste to give the House an assurance that the Government will bring these matters to the attention of the Pensions Authority immediately.

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