Is that an endorsement of the policy of the Minister, Deputy Varadkar?

Please observe the time.

There is implied recognition in the programme for Government that the pension problem in the country needs to be dealt with. Does the Taoiseach find it acceptable that a solvent profitable company can change and close down a defined benefit pension scheme on a whim to the detriment of its pensioners and deferred pensioners and there is no provision in Irish law to deal with it? When will such a provision be put in place?

There is no legislation governing this in respect of Ireland. As the Deputy knows, there are two defined benefit pensions in respect of the case to which he is probably referring.

I am not referring to any particular case.

In Britain, defined benefit is based upon levies and is only used when the company involved becomes insolvent. The major company to which we are referring is not insolvent.

That is not true.

This is a matter in respect of defined benefit contributions, which have caused a number of difficulties over the period. The last actual certificates filled by defined benefit schemes with the Pensions Authority show that more than 60% meet the standard and the remaining schemes have recovery plans. There is concern the certificates due in the coming months will show significant deterioration. The operation of a pension scheme is in the first instance a matter for the trustees of the particular scheme. The Minister recently met the chairperson of the Pensions Authority. He has asked the authority to report back to him with an assessment of the current overall position on defined benefit schemes. He will report to the House when it comes back to him.