Denise Mitchell (Dublin Bay North, Sinn Fein) | Oireachtas source

Any action to protect the tens of thousands of workers in a defined benefit pension scheme is welcome. It has been far too long that workers’ financial security has been left so uncertain. We must aim to create firm legal protection for these workers and ensure legislation is not enacted for the sake of political action alone. Instead, it must provide absolute legal safeguards.

The procedures in the Bill aim to create an appeal system and a level of oversight for the closing of schemes. It also provides added functions to the Pensions Authority. We must guarantee these powers are effective. Any improvement on the present appalling situation where there is no legal protection or oversight needs to be examined. Without this protection, these pensions are solely the responsibility of scheme members and are the subject of many disadvantages, such as conflicts of interest. The Bill states it “shall be illegal for a solvent company to wind up a defined benefit pension scheme”. We must ensure this is enforced. I hope legal change occurs in this area as soon as possible.

Last week, Sinn Féin introduced its own Bill on defined benefit pensions. It is clear all Members see the problems faced by workers and we know they need legal protection. We acknowledge the will in the House to address this problem. We must also note the overall inequalities in the pension system in general. Hopefully, Members will support creating a fairer pension system in the future. With the present Bill, we believe this area of defined benefit pensions needs to be addressed through legal protection as soon as possible. Accordingly, we largely welcome the Bill.

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