David Norris (Independent) | Oireachtas source

I will make them a long 30 seconds and as we know, according to Einstein, time is flexible. The Minister indicates the Minister for Finance shall provide for the shortfall in scheme assets, which is a very welcome matter.

The Waterford Crystal pensions case is instructive and interesting. It was determined that pension scheme members are to be protected where insolvency occurs. Where the company continues to trade, it should not be allowed walk away from obligations. Employers should be made pay the debt of pension promises rather than making existing pensioners and the State pick up the debts. In the United Kingdom, Conservative and Labour Governments have protected work pensions through legislation which makes employer pension promises a debt that much be honoured. The Waterford Crystal case was a tragedy and an absolute disgrace.

It was known as Waterford Wedgewood originally. Look at the difference in the way the Wedgewood employees were treated. That was a shocking reproach to all of us.

Regarding equalisation, the figure of 80% and all the rest of it, speaking personally, my head is above water again, financially, thank God. There is a social obligation on people like me who have a little bit of money or extra cash to support those on very small pensions or whose pensions have been abolished. I would have no objection to this. I would regard it as an honour to take a cut in any pension I have in order to help others. I am sure everybody else in this House feels the same.