Aengus Ó Snodaigh (Dublin South Central, Sinn Fein) | Oireachtas source

We had quite a long debate on this issue several years ago when we made substantial changes to how double insolvency was treated. At the time, we argued that solvent and highly profitable businesses, whether an individual business or a complex network, should not try to get out of their commitments to their workers, either current, former or deferred. There is a logic behind Deputy Willie O’Dea’s proposal that there be a minimum 90% funding requirement. It should be a 100% requirement, given that we are talking about companies which are highly solvent and, in many cases, highly profitable, albeit located offshore or in a different jurisdiction.

As for European-based companies, there should have been a greater degree of protection from the European Union in this regard. It should have a measure similar to the Globalisation Adjustment Fund, a package of which Ireland has availed in the past, where a company closes and moves to somewhere else in the European Union. If there were to be a pensions shortfall in such circumstances, there should be a measure whereby the totality of a company’s profits could be taken into account when deciding on whether to have a different regime.

This proposal is to ensure any scheme would be at the limit of 90%.

I would go further but 90% is better than what is currently the case and the deferred pensioners and future pensioners will be guaranteed to have something to show for their investment in their pensions, which they were encouraged to invest in when they joined those companies.

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