Ivana Bacik (Independent)

I read these amendments and I was surprised and somewhat shocked to see that the Senator is proposing to insert an absolute figure into legislation which, as Senator Cullinane noted, will only apply prospectively. It seems to be no more than bad legislating to provide for a cap of a set amount – Sinn Féin is proposing a cap of €60,000 and I note a figure of €37,500 is referred to in amendment No. 14. The suggestion is that this would be put into the legislation as a prospective figure. In other words, in 20, 30 or 40 years' time people would be subject to this absolute cap. That is simply bad legislating. The provisions of the calculation scheme set out in the legislation represent an eminently fairer and more sensible way of dealing with the complex calculations of pension figures.

Everyone wants to see fairness and equity. Senator Cullinane referred to the dreadful position in which Waterford Crystal workers found themselves as part of a private pension scheme. We are discussing a public pension scheme and the issue is to ensure there is a fair and reasonable method of calculation. This is what is set out in the legislation. The inclusion of an absolute figure set in stone in the legislation for decades to come for people who will retire in future is not an example of good legislation.