Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I covered almost everything in my earlier remarks, but I will comment on one or two other issues.

While we all agree that this is very much a private pensions scheme, it is slightly different from other private pension schemes in the sense that it is provided for in legislation. Therefore, any agreement to resolve the difficulties in the IAS pensions scheme would probably involve some legislative change. That is the only reason I am here. It is not because we are trying to get involved in the management of companies or anything like this. It may well be the case that in the past superannuation schemes or semi-State body pension schemes have been amended by legislation. I do not know for sure whether this is the case.

Senator Darragh O'Brien said one thing about public sector pensions that was incorrect. He said there had been no changes or that nothing had been done in legislation to change them. That is far from being true. Public servants now pay a pension levy which the Senator may see on his own pay slip. It is very substantial and goes a very long way toward funding public sector pensions on a pay-as-you-go basis. It is probably the case that public sector employees pay more towards their pensions than many of the people about whom we are talking in the aviation sector ever did. In some cases, contributions are up to 16%. There is a new scheme for new entrants to the public sector that offers very different benefits from those than were offered in the past. In addition, public sector pensions have been cut twice - once by the previous Government for almost everyone with a pension over €12,000 or so and once by the Government for almost anyone with a public sector pension over €30,000.

Ironically, the Government has done a lot more to put its house in order when it comes to public sector pensions and the public sector pension deficit than the companies behind this scheme have done. If they were to copy the Government example - both the previous and current Governments - they would have been a long way by now towards resolving their issues.

Essentially, this section of the Bill contains three main elements. First, it allows members to leave the scheme voluntarily if they so wish. They cannot do that now. I think that should be supported. Second, it allows for any agreement to replace the IAS scheme to be realised and made a fact and it makes sense to do that now. Finally, it provides some backup in the event that the Pensions Authority forces the scheme to be wound down so that at least the staff and former staff can salvage something. The alternative which is being proposed by Fianna Fáil is one that I cannot accept, namely, to put it off again, maybe to the recess or for another few months or even years. That is the approach that was taken consistently by that party when it was in government - to hope there will be an agreement, that the Pensions Authority will not close down the scheme and to kick the can down the road for another few years in the hope that it will sort itself out. To me, that would be an irresponsible way forward so I am taking the opportunity presented by this Bill to provide for this long-standing problem, once and for all, to be solved.