Fianna Fáil Spokesperson on Social Protection, Willie O’Dea will bring forward legislation tonight that will ensure that workers in Defined Benefit Pension Schemes are protected from their employers attempting to wind up the scheme.
“Tonight’s second stage debate is the first opportunity for the Dáil to discuss this important topic. I am aware that other parties have put forward bills, and I look forward to working with them to find a legislative solution to this problem.
“Over the past number of years, we have seen many large, financially solvent companies, wind up their pension schemes, and jeopardise the future pension payments of their workers.
“The Fianna Fáil bill will provide for an appeals mechanism where a pension scheme is being wound up by its trustees so that workers affected have a chance to protect their interests. It also specifies conditions for winding up of defined benefit pension schemes.
“It’s inconceivable that a financially solvent company would be allowed wind up its pension scheme thereby reducing the pension entitlements of their workers.
“Of course companies need to protect their viability, but that is not the same as protecting their profit margins.
“Companies have an obligation to, as far as possible, to treat their employees in a fair and equitable manner,” concluded O’Dea.