Clare Daly (Dublin Fingal, Independent) | Oireachtas source

I thank the Minister. There are broader matters linking to this scheme, the wind-up and annuities being purchased for pensioners. This morning, a joint life annuity allowing for 1.5% inflation per year would cost €37 for every €1 of pension. We discussed last week the need to seriously address that area. There is some form of consultation that the Department will initiate in that respect. It is incredibly urgent, given the number of pensioners who need to access funds, who are essentially being bled dry and whose schemes are losing money because of what needs to go to annuity purchases. The only winners in that are the big companies and so and it is to the detriment of others with the reduction of benefits in the scheme. We need an urgent review of all aspects of the area. Many of the issues with this scheme are linked to the so-called minimum funding standard and liabilities being calculated on annuity prices. This is quite urgent and we must progress the matter.

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