Darragh O'Brien (Fianna Fail) | Oireachtas source

While I note the Minister of State's explanation, with no disrespect, I do not accept it. The Minister of State should go back and have a look at it. In the context of an overall debate on pensions, at 2 p.m. today 15,000 airport pension scheme members will have their benefits savaged due to legislation passed by the Government. In terms of pension coverage and enticing people into pensions because of the Social Welfare and Pensions Act 2013 and the fact that the Government has introduced single insolvencies, I would not advise anyone to go into a pension scheme, although I worked in the pensions area for 15 years. Private pension schemes are following on the back of what has happened in the Aer Lingus scheme. One company is now seeking to wind down the Friends First scheme, in which I had 14 years' deferred service, and hive people off into defined contributions. There is a big issue around pensions which is being made worse by the policies pursued by the Tánaiste and Minister for Social Protection, Deputy Joan Burton, and by successive social welfare and pensions Bills. I agree with Senator Bradford and Senator Quinn that it is a small anomaly and there is no valid reason it should not be rectified. There is a much greater issue on the pensions front. Pension provision will decrease as this country is aging. That is what is happening. There is no confidence in pensions, not because of fund managers and the administration of schemes but because of some fundamental changes to pension law introduced by the Government. The Government legislated for the first cut to a private pension scheme in the history of the State with the State Airports Act.

This means it is open season for everything else. When we talk about having a discussion on pensions - I see what Senator Hayden is saying - we want to have a serious discussion about it, because at this stage the legs have been taken from under it.

As I stated earlier PRSAs have not worked as they should have. Pension coverage is decreasing. When people do not feel their pensions are secure, they will not take one out. They were doing what every Government wanted them to do - namely, providing for their retirement. Now, people will think a second and third time before they do it. There is an irony here. Yesterday we spoke of the Waterford Crystal workers. That involved a double insolvency. Fair play to them for taking that fight to the European Court of Justice. They are better off than the pensioners who this afternoon will have their benefits cut. This is a profitable company, with hundreds of millions of euro of cash on deposit, like Aer Lingus. It is mad. We could have a debate, but we would want to be serious about it.