Darragh O'Brien (Fianna Fail) | Oireachtas source

That has nothing to do with privatisation because there were protections in place.

The changes introduced in last year's social welfare Bill by the Labour Party Tánaiste have enabled this to happen. Senators should ask themselves if they were in Waterford, Kerry or anywhere else about this. The Government is now allowed to bring in legislation to amend a private pension scheme overnight. That means no agreement or consent is required from the members of the scheme. That is why we vociferously opposed, and will continue to oppose, these changes. It is unfortunate that many Members have walked through the lobbies to vote through these changes. This will mean retired members of pension schemes face massive reductions. They are aged 70 or 80 and they have worked their entire lives and paid into the scheme. Nobody is advocating on behalf of deferred members who face reductions of between 40% and 50% in their promised benefits. That is what Members will permit if they vote "Yes" to the passage of the Bill.

I urge the Minister to withdraw the superannuation section and I urge Government Members to look at themselves. They certainly would not like this to be done to them. They should oppose this Bill on the final Stage.