Regina Doherty (Meath East, Fine Gael) | Oireachtas source

I am loath to discuss a specific company or scheme, but the Deputy is aware that the scheme in question is not being wound down. Rather, it is being closed to future entrants. The surplus within the scheme is sufficient should the trustees decide to make changes. As such, there is no immediate threat or risk to the scheme's current members.

While an obligation preventing employers from closing defined benefit schemes in circumstances may appear to provide stability and certainty for members, it might also achieve a less desirable outcome, for example, prompting well-funded schemes to wind up in order to avoid legislation, which is not something that we want to see. It could give a competitive advantage to employers that never provided a risk-free defined benefit pension scheme. It could impact on a company's creditors, including debts owed to other businesses and individuals. It could impact on the value of a company's shares, many of which might be held by other pension funds, credit unions or small-scale investors. As such, we need to be careful in the first instance about what we say about a particular company and, second, about our views on previous legislation, which was passed by a Fianna Fáil Government, and current Government legislation that is before the Houses.

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