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

I am not afraid as a Minister to take a decision that my officials do not recommend. I have done so on many occasions in the past few years. The OECD, the European Insurance and Occupational Pensions Authority and our own Pensions Authority all say much the same thing, that is, that our minimum funding standard is not too onerous and I cannot ignore that advice. It is the advice I am being given by all the independent authorities that consider these issues. I appreciate that unions may take a different view. Some employers take a different view and the pensions industry may take a different view. However, they all represent particular interests. The regulatory bodies and independent bodies do not take the view that our minimum funding standard is too onerous. They take the view that, if anything, our minimum funding standard is not onerous enough. If I change the standard now, it might be of benefit to people who are due to retire in the next few years, but I would be causing harm to people in their 30s, 40s and 50s who are paying into schemes and who may find that all the money is gone by the time they get to retire.

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