Fianna Fáil Spokesperson on Social Protection, Willie O’Dea TD, says The Social Welfare and Pensions Bill, which is due to be published today, will be a massive disappointment for tens of thousands of pension holders in the country.
Deputy O’Dea commented: “The contents of the Social Welfare and Pensions Bill will be massively disappointing for tens of thousands of pension scheme members in Ireland. The Minister has once again failed to change the priority order for Defined Benefit Pension Schemes.
“This failure will result in people who have already retired having priority on assets of insolvent pension funds ahead of colleagues that are still working.
“People who have been working all their life faces the prospect of a huge reduction or even a total loss of pension entitlements while former executives of companies are guaranteed to receive very generous pensions.
“This is unfair, unjust and inequitable. On two occasions Minister Burton has given a firm commitment to both ICTU and IBEC that this situation would be rectified in the current pension legislation but she has once again failed to address this matter.
“I have previously published a discussion paper on the future of defined benefit pension schemes in Ireland, where I put forward a number of options that could be considered to bridge the huge deficits in these schemes.
“Minister Burton needs to bring forward the reforms of the pension schemes she has promised as the future of thousands of pension schemes hangs in the balance.”