Clare Daly (Dublin Fingal, Independent) | Oireachtas source

All of the problems the Taoiseach identified at the start of his response really have nothing to do with the issues I raised in this context.

The pot that is there now has money in it to be distributed. The problem is the failure of the Department of Employment and Social Protection to take on the unfettered power of trustees in pension schemes which has resulted in this trustee deciding, against the wishes of the vast majority of the members of that scheme, to allocate, in a completely unfair manner, the moneys into a different pension scheme over which the members have no say. The trustee is the Irish Pensions Trust, which is owned by Mercer, the winding up administrator is Mercer and the scheme actuary is Mercer. The scheme lost €2 million. The funds were sitting there in cash which they bled out of the scheme in the last two years before the winding up. I respect the fact that the Taoiseach cannot intervene, but he can contact the trustee and Mercer and point out that while, legally, they do not have to listen to the members of the scheme because there is no legislation to say so, we are asking them to do so because it is the right and fair thing to do. The method of distribution now is appalling.

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