Averil Power (Fianna Fail) | Oireachtas source

I welcome the Minister's response regarding deferred members. It is unfair that they have not been part of the process to date and I welcome that a meeting will take place. I look forward to hearing further details on that subject. The group has done a considerable amount of work on the issue and its concerns deserve to be heard.

I am disappointed, although not entirely surprised given the intent behind this legislation, that the Minister will not accept our amendment on ensuring minimum funding of 90% before a scheme can close. As I pointed out to the Minister for Social Protection in regard to pensions legislation last year, it is wrong that employers are able to walk away scot free without being required to provide a certain level of funding, whether that is 90% or 80%. A profitable company should not be able to walk away from its pension schemes without being required by the Government to ensure they are adequately funded in line with OECD recommendations. It is a shame that the Minister is not willing to listen to reason on this issue and, for that reason, we will be pressing the amendment.