Paschal Mooney (Fianna Fail) | Oireachtas source

I move amendment No. 9:

In page 4, between lines 8 and 9, to insert the following:“5. The Principal Act is amended by inserting a new section 48A as follows:

“48A.A solvent firm shall not be allowed to close a defined benefit pension scheme except where the scheme has reached a minimum 90 per cent funding standard.”.”.

This emerges out of the Waterford case and also the practice in the UK which has indicated that solvent firms shall not be allowed to close a defined benefit scheme, except where the scheme has reach a minimum 90% funding standard.