Results 3,461-3,480 of 4,465 for speaker:Jim Walsh

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Second Stage (26 Nov 2013)

Jim Walsh: I would hazard a guess that there are few, if any, functioning as they should. In many instances the people at the top of these organisations are marking time on enhanced salaries until they get their pensions, which will not be cut or contributing to the scheme. I have a letter from somebody in the ESB, and we all know that we may be facing an industrial relations crisis with that...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Second Stage (26 Nov 2013)

Jim Walsh: It is now mandatory.

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: I apologise for my late arrival. I was in a meeting with someone when I noticed that amendments Nos. 9 and 18, in which I was interested, were being discussed and rushed ihere. The Minister will recall that on the last day she attended I mentioned the EMI pension scheme. I had been approached by a number of its members. Obviously the Bill will be of advantage to those who receive...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: I thank the Minister for her comprehensive response to the amendments which they warranted. To deal with the obligation on employers first, the requirement is that it would only apply to companies which had the financial capacity to deal with the shortfall and deficit, around which one would have to develop a model. I am not talking about companies which are on the cusp of viability or...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: I move amendment No. 10: In page 4, between lines 8 and 9, to insert the following:“5. Section 48 of the Principal Act is amended by inserting the following after subsection (1A):“(1AA) No member of a defined benefit scheme shall be obliged to purchase annuities where he or she opts for an ARF or an AMRF or both.”.”.This amendment relates to the same matter as...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: I will withdraw it in a moment. I am not aware of the latest position regarding the sovereign annuity but I have made a note to check it. If, as is usually the case, it is based on a percentage return, what is the percentage return in this case? It seems that for the vast majority of people, placing their pension pot on deposit would deliver greater value, even if at the current low...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: On a point of order, why has amendment No. 12 been ruled out of order?

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: As a former member of the Opposition, the Cathaoirleach will be aware that Opposition Members read legislation and make various suggestions to improve it. My understanding is that the shortfalls in pension funds will not raise a charge.

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: My understanding from reading the legislation is that once the figures for existing pensioners are reduced and those remaining are paid up to 50%, the pension levy taken from other private pensions will be used to meet any shortfall in schemes and that there will be no charge to the Exchequer. The charge will be on the moneys taken via the pension levy which it seems under this legislation...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: The manner in which this is structured would not give confidence to anybody. It is another broken promise that the pension levy would terminate in 2014. The gang of four do the finances and impose all of this on the Minister and the Minister for Health and it will come back to haunt the Government when health cuts are made in the middle of next year. Leaving that aside, next year the...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (28 Nov 2013)

Jim Walsh: I am just making the point that the Government is so askew on issues which should be coherent in order that is confidence is restored. We need confidence among consumers and citizens at large in order that when politicians say something, people can believe us. This means standing over what we say. It is my impression from the Bill that the levy will continue and be increased. The reason...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: We do not agree to that.

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: I second the amendment. The amendment seeks to ensure that employers meet the commitments they have made to their employees. Where a person contributes to, and has an agreement with his or her employer for, a defined benefit scheme, the funding of that scheme should be proper and appropriate where the company has the financial capacity to do it. This amendment deals with that situation....

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: I move amendment No. 2: In page 9, between lines 19 and 20, to insert the following: “9. Section 48 of the Principal Act is amended by inserting the following after subsection (1A):“(1AA) No member of a defined benefit scheme shall be obliged to purchase annuities where he or she opts for an ARF or an AMRF or both.”.”.President John F. Kennedy often used to quote...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: Relevance?

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: Simply because I made no comment about the Minister's scarf, she should not take that as being in any way negative about the colours or anything like that; I just did not think it was relevant.

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: It did not dawn on me that it was relevant to the debate.

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: I was not in any way decrying the sovereign annuity system from the point of view of returns, which I think is fine. I also accept that as we have read in newspaper reports and elsewhere, many people have built up tens of millions of euro in pension schemes. That has now been changed. From a tax point of view the Government has gone too far the other way. There needs to be an incentive to...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: I move amendment No. 7: In page 15, between lines 39 and 40, to insert the following: "11. Section 50 of the Principal Act shall be amended by inserting a new subsection (1A) as follows:“(1A) The pensions board shall not direct the trustees of a pension scheme to reduce the benefits of current and former scheme members and/or post-retirement increases in benefits for pensioner members...

Seanad: Social Welfare and Pensions (No. 2) Bill 2013: Report and Final Stages (3 Dec 2013)

Jim Walsh: Ten past six.