Defined-benefit pension protection
Deputy Róisín Shortall seeks legislation protecting defined-benefit pension members if their employer or scheme becomes insolvent. The Tánaiste says the Government must await related European and High Court proceedings before addressing the legislative implications.
Approximately 200,000 workers are in defined-benefit pensions schemes but little or no protection exists for them in the event of insolvency. Legislation to provide protection for them has been long promised and it was expected that it would be contained in the Social Welfare and Pensions Bill which was published yesterday. Unfortunately, no provisions in this regard were included in the Bill. Can the Tánaiste tell the House when legislation will be published to provide protection for workers in the event of insolvency in a pensions scheme or of a company for which they work?
Comment on this
The concerns of people in defined-benefit pension schemes is an issue the Government is taking very seriously, in particular the Minister for Social Protection. The European Court of Justice recently gave judgment in a case which relates to this issue and that case must now revert to the High Court. We must await the outcome of these proceedings before we can address the legislative implications of any final decision.