Marie Sherlock (Labour) | Oireachtas source

I move amendment No. 111:

In page 88, between lines 17 and 18, to insert the following: “Hindering the displacement of occupational pension schemes

129. Where a qualifying occupational pension scheme is in place on date on which this Act comes into operation, the employer concerned shall not freeze or wind up the scheme for a period of at least 10 years from that date.”.

We raised these issues on Second Stage. They relate to the treatment of an existing occupational pension by an employer when auto-enrolment is introduced. The concern is that, over time, there would be a move to wind down the occupational pension scheme that is in place and move to an inferior set of contributions. We are specifically asking the Minister to hardwire our proposal into the legislation - to send a very clear signal - and to make it crystal-clear to employers. I accept that there may be very few who might consider this, but from a workers' perspective we must protect occupational pensions that already exist. We ask that a provision would be put in place to ensure that existing occupational pensions could not be wound up for a period of ten years from the date the Act comes into operation. I am conscious that this has already been raised in the Dáil but I would like to place on the record of the Seanad that the Labour Party takes this issue extremely seriously. We want greater pension coverage and adequacy in this country. We do not want to see what would effectively be a substitution effect taking place where occupational pensions already exist. We want to see an expansion of the system. We ask the Minister to consider amendment No. 111.