Over the past ten days we have all been shocked by the actions of a substantially profitable company proposing to eviscerate the pension rights of those working for that company. I understand the Minister, Deputy Varadkar, has indicated he is considering an intervention in this matter. The Labour Party has drafted a Bill that would amend the Pensions Act 1990 and is consulting the trade union movement on that legislation. That Bill would impose a liability on any solvent employer that winds up a defined pension scheme to carry a liability for those pensions. There has been much comment about this and Fianna Fáil is also in the process of drafting legislation on this matter. Will the Taoiseach indicate if legislation will be prepared as a matter of urgency to deal with this basically sharp practice?

This is obviously of great concern to those who are involved. The position, however, is that if we were to attempt to introduce legislation, it would not be retrospective. A number of matters are being discussed by the Minister for Social Protection with the Pensions Authority. The position is that he has consulted his officials, the Pensions Authority and the Attorney General on the matter but legislation is not contemplated as of now.

It would include others though.

I note the comment from the chairman of the company involved yesterday to the effect that it was not contemplated that any dividend would be paid out. Obviously, this was a matter of some speculation.