Paschal Mooney (Fianna Fail) | Oireachtas source

The purpose of the legislation is to protect pensions and pensioners and counter the possibility of a scheme being allowed to close, with no minimum percentage reached. That was one of the reasons the Waterford Crystal workers took their case to court and the figure arrived at was 49%. As I pointed out earlier, the norm in the United Kingdom is for schemes to reach a minimum figure of 90% of the funding standard. It is from that point of view that I still think the legislation in the best interests of pensioners.