Does Noonan listen at all?
Published 10/07/2011 | 05:00
Sir -- It's doubtful that those who are having their modest private sector defined benefit pensions plundered on the diktat of Michael Noonan will be giving a number one vote to the uninspiring Fine Gael candidate for president.
Gordon Brown made a €110bn smash-and-grab raid on private sector defined benefit pensions in his first budget. This led to the speedy collapse of a vast number of schemes, while State employees were guaranteed their pensions. Like Brown, Noonan is pledging to support public service pensions (Croke Park and all that!).
The normal reaction would be to blame Labour. After all, the Blue Shirts ran a negative general election campaign saying that the "socialists" could not be trusted. However, Labour got it right on the levy, although reluctantly going along with the concept. Labour ministers were well aware of the damage done by their British counterpart.