Results 4,921-4,940 of 12,590 for speaker:Willie O'Dea

Social Welfare and Pensions (No. 2) Bill 2013 [Seanad]: Report Stage (Resumed) and Final Stage (18 Dec 2013)

Willie O'Dea: Amendment No. 12 in my name has been ruled out of order. In amendment No. 13 I am trying to achieve a variation of amendment No. 12. Pension schemes are infinitely various and there are differences between all of them. Even within pension schemes pensioners can be treated in different ways, for example, in the contributions they make. Some people have worked in a firm for much longer...

Social Welfare and Pensions (No. 2) Bill 2013 [Seanad]: Report Stage (18 Dec 2013)

Willie O'Dea: I wish to speak briefly in support of what Deputy Aengus Ó Snodaigh said. The Minister has mentioned two pension reports that preceded the OECD's report. I understand the OECD's report is very specific in recommending that this change be made. The Minister has mentioned that there are differences of scale between the economy and the economies of the United States and the United...

Social Welfare and Pensions (No. 2) Bill 2013 [Seanad]: Report Stage (18 Dec 2013)

Willie O'Dea: The thinking behind these amendments was discussed at some length on Committee Stage, and I support them. In its wisdom, the OECD recommended a certain course of action, which is what is proposed here. I am sure it examined very carefully all of the arguments with regard to various jurisdictions, as well as the arguments specific to this country, and recommended that we do what every other...

Written Answers — Department of Social Protection: Social Welfare Offices (18 Dec 2013)

Willie O'Dea: 123. To ask the Minister for Social Protection if her attention has been drawn to the fact that certain local Department offices are trying to actively encourage persons to avail of the service of banks instead of continuing to use their local post office (details supplied); if these offices have the authority to do this; and, if not, the steps she will take to have the practice discontinued;...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I am pressing the amendment.

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 20: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...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 23:In page 17, between lines 5 and 6, to insert the following:“(1E) An appeals mechanism for pensioners shall be put in place where trustees have decided upon reduced benefits for members, and such appeals mechanism shall ensure that such pensioners have not been unfairly treated in any restructuring arrangement.”,”.When people reach pension age and...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I wish to ask the Minister a technical question on section 11 which deals with restructuring. It provides that in the event of a fund being restructured, there is a limit to the amount to which one can reduce certain people's benefits. That is dealt with in the eighth paragraph of the new section 1B. It states that the restrictions apply only to benefits payable from the scheme to or in...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: No. I am saying there are restrictions on the extent to which active pensioners' entitlements can be reduced.

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: Do those restrictions also apply to deferred pensioners? The wording of the legislation seems to suggest they do not.

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 18: In page 12, between lines 18 and 19, to insert the following:“(1AD) The annual management charge on a pension scheme shall not exceed 1 per cent of the pension fund.”,”.I tabled this amendment to highlight again the charges, as revealed by the Department's own study last year, and how hard they bear on small schemes in particular. The...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I look forward to that and on that basis, I will withdraw the amendment.

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 17:In page 12, between lines 18 and 19, to insert the following:“(1AD) Trustees must outline in clear language the current and future prospects of their pension fund to beneficiaries on an annual basis.”,”.This amendment would oblige trustees to communicate people's entitlements and where they stand in clear language at the end of each year. I have...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I hope the Minister's optimism is borne out and that we have few, if any, future double insolvencies. The legislation provides for such eventualities. In the event of a double insolvency the legislation provides that people's defined benefit entitlements up to a maximum of 50% will be financed by a levy which is levied on pensioners, of which there are only two types, namely, members of...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I will withdraw my amendment on the basis of that undertaking.

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 14: In page 12, between lines 18 and 19, to insert the following:“and the monetary thresholds mentioned at paragraphs (a), (b) and (c) shall be reviewed on an annual basis by the Minister to take into account the annual increase in inflation.”.

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 15: In page 12, between lines 18 and 19, to insert the following:“(1AD) The Pensions Board shall update its statutory guidance on the Principal Act for trustees upon the enactment of this Act.”,”.I realise that the pensions board regularly update the information for the guidance of trustees. I was advised that it might be a good idea to have that...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 16: In page 12, between lines 18 and 19, to insert the following:“(1AD) Any levy on pension schemes for insurance against insolvency shall not be applied to defined contribution pensions.”,”.The new levy, that is the 0.015% levy is not ringfenced to deal with what it is proposed to deal with in the Bill, namely where there is a shortfall in a double...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: I move amendment No. 13: In page 12, between lines 3 and 4, to insert the following:“(1AC) The €12,000 monetary threshold shall be reviewed on an annual basis by the Minister to take into account the annual increase in inflation.”.This is a very simple amendment which I assume we can deal with very quickly. The Minister mentioned that she had detailed consultations on...

Committee on Education and Social Protection: Select Sub-Committee on Social Protection: Social Welfare and Pensions (No. 2) Bill 2013: Committee Stage (12 Dec 2013)

Willie O'Dea: On what the Minister said about a right of audience, I understand what trustees' obligations are under trust law, namely, that they have a fiduciary duty and they must consider a number of issues, including the interests of pensioners, but the way the law is structured means they must consider all those issues in isolation from the pensioners, after which they notify them of the result. In...