Seanad debates

Wednesday, 31 October 2007

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

 

1:00 pm

Photo of Batt O'KeeffeBatt O'Keeffe (Cork North West, Fianna Fail)

I reiterate that there is absolutely no sleight of hand. There are a number of miscellaneous provisions in the Bill including this one. On Second Stage the Tánaiste stated:

Section 16 makes amendments to the provisions dealing with ministerial pensions, as follows. First, former office holders — Ministers and Ministers of State — on leaving service are entitled to receive severance for up to two years. Circumstances can arise where, through oversight or otherwise, a former officer holder does not apply for the pension within the specified time period, namely, within six months of severance payments ending. The amendment would give the Minister for Finance the discretion to backdate the payment of pension in the case of an application made outside the six-month limit to the date of entitlement and reflects a similar provision which applies to Civil Service pensions.

In effect——

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