Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I wish to raise an issue Deputy O'Dea has also raised. It concerns the Government's plans to introduce legislation to close the loophole whereby solvent companies are walking away from their responsibilities and obligations in terms of defined benefit pension schemes. There are over 600,000 workers currently in defined benefit pension schemes. I refer to workers, pensioners and deferred pensioners. We have had a recent illustration of this issue in Independent News & Media in that workers have essentially had their pensions wiped out or significantly reduced, with no recourse to anybody. In other jurisdictions, particularly the United Kingdom, there are legislative provisions to stop this. I refer, in particular, to companies that are solvent and do not need to do what I describe. I would appreciate it if the Taoiseach could indicate whether the Government has any plans in this regard or will press ahead with pension legislation, which has been long promised but not delivered upon.

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