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

My question is very similar. The real tragedy here is that we are missing an opportunity to do what they do in Britain and elsewhere in Europe and that is to put manners on companies that are in very good health when it comes to their pension schemes yet decide to move workers off defined benefit and onto defined contribution schemes. That is exactly what is happening in Irish Life and it has happened in Independent News and Media and AIB. It is a money grab by these companies. They are not struggling. They are not underfunded or in trouble. What they are trying to do is offload what would be very good futures and healthy pensions for workers so that they maximise their profits.

That is what is missing from this tiny little amendment to which we have been reduced. Has the Minister been lobbied by Irish Life, Ibec or any of their representatives to reduce what was substantial to something very minimal? The provision has been watered down very substantively and I do not believe it will return to the original proposals that the Minister made. Has there been any lobbying on behalf of the pension companies, Irish Life itself or Ibec?

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