Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I will check to confirm this but, as far as I understand, the UK legislation has been in place for decades. It was introduced at a very different time when there were not such extensive liabilities arising from defined benefit pension schemes. Certainly, the pension protection fund has been in place for decades. I am not sure about the employer guarantee but I will check to confirm. I assure Deputy Penrose that my only concern is for people's pensions and their ongoing employment. I do not want this House to put through legislation that jeopardises people's employment and potentially their pensions. We must be very careful that in an effort to do something good, we do not do enormous harm. That is why the only legislative changes I will recommend to the House, in association with the pension authorities, are ones I am confident will do good and not unintended harm. If Deputies Penrose and O'Dea and colleagues from other parties want to come together to put through legislation that could potentially do untold harm to many people, they should by all means do so. However, the consequences will be on their heads.

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