Bríd Smith (Dublin South Central, People Before Profit Alliance) | Oireachtas source

The fact that the Minister, Deputy Regina Doherty, has legislation on this issue before the House indicates that a Cabinet concern that defined benefit schemes are being treated recklessly by employers. Previously, AIB, Aer Lingus and BT unilaterally moved away from defined benefit schemes. That is why various parties in the House have legislation to try to control reckless companies that, even when their pension schemes are not in trouble, move away from defined benefit schemes and reduce workers' rights by pushing them into defined contribution schemes. Workers have paid €20 million into the Pensions Authority for it to protect their rights and future pensions. However, this means that they are not being protected. When will the legislation be brought before the House in order that we can amend it to make it more robust? In the meantime, would it not be prudent for the Taoiseach or the Minister for Employment Affairs and Social Protection to call on Irish Life to desist in its move away from a defined benefit scheme until we have had published and a chance to discuss proper legislation to controls reckless profit-making companies?

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