Jim Walsh (Fianna Fail) | Oireachtas source

I find it very difficult to accept that. The Minister is talking about people who are working in manual employment. In my opinion very few would be at that low level. Having said that, there are many on the other side of €12,000 as well. Pensioners who are in receipt of a pension above €12,000 will find their pensions being cut. People who are coming up to retirement age will get a bit of a break. As my colleague has said, this is being funded primarily by other pensioners and other people's pension funds, including pension funds that are in deficit, on which there is a levy. There is no cohesive Government policy on pensions. Similar to what is happening in regard to health insurance, this is having the effect of discouraging people from providing for themselves, which is wrong. There needs to be a root and branch look at this. The Minister needs advice from the best experts and if this is not available internally, she should get external advice. This needs to be done.

The Minister is not accepting my amendment, which is trying to provide that pensioners, be they about to retire or retired, will not be disadvantaged if their company is profitable and able to meet the shortfall. The effect of what the Minister is doing is allowing profitable companies to close pension funds, which is to the disadvantage of the employees who will be affected. Accordingly, I am calling a vote on this amendment.