Tuesday 26 September 2017

TDs to debate bill aimed at protecting workers in pension schemes

Fianna Fáil welfare spokesman Willie O’Dea. Photo: Tom Burke
Fianna Fáil welfare spokesman Willie O’Dea. Photo: Tom Burke
Niall O'Connor

Niall O'Connor

TDs will tonight debate a bill that proposes to give greater protections to workers in Defined Benefit (DB) pension scheme.

But the bill, tabled by Fianna Fáil, will not apply retrospectively. This means that it will not deal with the situation at Independent News and Media (INM).

There has been controversy in recent weeks over proposed changes to the scheme, which would have seen some serving and former staff members lose out on portions of their anticipated pensions savings.

Fianna Fáil’s bill is aimed at protecting workers in DB schemes during situations whereby their employers are attempting to wind them up.

“Over the past number of years, we have seen many large, financially solvent companies, wind up their pension schemes, and jeopardise the future pension payments of their workers,” said the party’s social protection spokesperson Willie O’Dea.

“The Fianna Fáil bill will provide for an appeals mechanism where a pension scheme is being wound up by its trustees so that workers affected have a chance to protect their interests. It also specifies conditions for winding up of defined benefit pension schemes,” he added.

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