Seanad debates

Wednesday, 31 October 2007

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee and Remaining Stages

 

1:00 pm

Photo of Alan KellyAlan Kelly (Labour)

The motivation behind this section of the Bill should be examined. For the information of Members on the other side of the House, last week I examined the Bill in detail, particularly with regard to sub-prime mortgages. While it is a technical Bill, those of us on this side of the House are well capable of examining such technical Bills.

I question the inclusion of section 16 and the reason this provision was not included in a social welfare Bill. People will be concerned that there seems to be one law for Members of the Oireachtas and another law for everybody else. An anomaly in law exists between the general public and politicians. Coming on the back of events of recent weeks such as pay rises, the people would be right to be sceptical and cynical and there is no argument against it.

I have worked in the public service for a number of years and I have seen people struggle with their pension entitlements, particularly those who were cut off in 1978 regarding co-ordinated and unco-ordinated schemes. I refer to those who for family reasons left the workplace and then returned to work and who have struggled to have their pension entitlements updated. There are many such scenarios. There are a substantial number of anomalies in superannuation and pension schemes for public and civil servants and others outside that area.

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