Defined benefit pension protections
Deputy John Brady calls for amendments to the Social Welfare, Pensions and Civil Registration Bill to protect members of defined benefit schemes when employers try to wind them down. Minister Regina Doherty says Committee Stage is due shortly and the Bill will include the provisions he seeks.
I want to ask the Taoiseach about the Social Welfare, Pensions and Civil Registration Bill 2017, which was referred to the select committee over seven months ago.
This Bill needs to be amended to include protections for members of defined benefit pension schemes whose employers attempt to wind down such schemes and walk away from their pension obligations. A recent example of this involves Irish Life whose defined benefit pension scheme not only meets the funding standards but has a surplus of €240 million. When will the Government step up and stop employers winding down defined benefit schemes for no reason other than transferring the risk from their books onto their employees? We need to stop employers and big businesses from walking away from their pension obligations to their workers.
