Jim Walsh (Fianna Fail) | Oireachtas source

My understanding from reading the legislation is that once the figures for existing pensioners are reduced and those remaining are paid up to 50%, the pension levy taken from other private pensions will be used to meet any shortfall in schemes and that there will be no charge to the Exchequer. The charge will be on the moneys taken via the pension levy which it seems under this legislation will continue, despite the commitments of the Minister for Finance and the Government.