Defined-benefit pension priorities
Willie O’Dea questions why the Social Welfare and Pensions Bill omits promised changes to defined-benefit scheme asset priorities. The Tánaiste says the Bill will be available for scrutiny next week.
The Social Welfare and Pensions Bill was published today. As one can see, the central purpose of the Bill is to amend the Pensions Act 1990 to change the current rules for the distribution of assets in the winding up of defined benefit pension schemes. There are no such rules in the Bill, which ignores the problem which is stated to be the central purpose of the Bill.
Comment on this
Is the Government still committed to changing the priority order and, if so, when can we see the appropriate legislation? Why is it not included in this legislation, as was signalled?