Darragh O'Brien (Fianna Fail)

Recommendation No. 9 seeks to ensure that benefits agreed in respect of current schemes will not be reduced by a scheme's trustees in order, effectively, to pay the levy. As stated on Second Stage, an average sized company might have a scheme which has been in operation for 20 to 30 years and this might incorporate a mix of retired members - with their retained benefits - and members who are currently working and contributing. If a scheme has combined assets of approximately €50 million, there will a charge on it under the levy of approximately €250,000.

We are seeking to ensure that the trustees of a scheme will not just simply reduce the existing benefits relating to the scheme.