Joan Collins (Dublin South Central, Independent) | Oireachtas source

Deputy Daly has tabled amendments to delete the reference to Social Welfare Act 2017 and substitute "Social Welfare and Pensions Act 2017". She has tabled a number of amendments to the Pensions Act 1990 to the effect that solvent firms should not be allowed to close a defined pension benefit scheme except when the scheme has reached a minimum standard of six consecutive weeks.

Another amendment reads as follows:

The Pensions Act 1990 is amended in section 50 by the insertion of the following new subsections after subsection 1d:

2) Before making a direction under section 1, 1a or 1b the Pensions Authority shall require from the sponsoring employer a statement of account regarding its financial capacity to meet the underfunding in the scheme from its own resources or those of its parent without precipitating wage cuts or redundancies,

3) The Pensions Authority shall not direct the trustees of a pension scheme to reduce the benefits paid in respect of persons receiving benefits under the scheme or persons who have reached normal pensionable age, members in relevant employment who have not reached normal pensionable age and members whose service in relevant employment has ceased and have not reached normal pensionable age with an entitlement to benefits the payment of which has not commenced, where a sponsoring employer or its parent has the financial capacity to meet the underfunding in the scheme without precipitating wage cuts or redundancies.

Another amendment is to the Pensions Act 1990. It states:

47a) No action which would have the effect of amending or winding up a scheme may be taken by an employee, a trustee or a board under section 48, 49, 50, 50a or 50b prior to a negotiation process with scheme members the nature and scope of which negotiating process shall be laid out by the Minister in regulations,

2) Upon the conclusion of a negotiation process neither the board the relevant employer or trustees may issue direction to wind up the scheme without first obtaining the consent of the majority of members to do so.

I wanted to read the amendments into the record because they have been ruled out of order. I presume that is because they are not part of the Bill, but we will be seeking to have the inserted into the pensions Bill. It is a very important aspect of the Bill because many people are angry and annoyed that while they were included the first proposal in May this year, they were removed in June and inserted into a separate Bill.

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