Fianna Fáil Pensions Bill favoured in Dáil vote

The Irish Pension Bill, as proposed by Fianna Fáil, has been voted for by 82 votes to 51, defeating the government, RTE reported.

The Bill aims to make it illegal for a solvent company to wind up its defined benefit pension scheme without the consent of the Pensions Authority, essentially protecting vulnerable members.

This is the eighth time the government has been defeated in a parliamentary vote since coming to power. One Fine Gael and supporting independents voted against the Pensions Bill.

The vote was passed with the support of Sinn Féin, while the government expressed its concerns about the constitutional implications of the Bill.

A spokesman for Minister for Protection Leo Varadkar said "the Bill could cost some people their jobs, others their pensions or their businesses", adding that "it's a cure that may be worse than the disease".

Fianna Fáil social protection spokesperson Willie O’Dea confirmed that the bill will not apply retrospectively, in relation to the Independent News and Media case among other historic pensions cases.

The Bill will, however, require the Pensions Authority to compose a report establishing a pension protection scheme for winding-down company schemes.

The Bill will now be passed onto the Select Committee on Social Protection for further discussion.

The minority Fine Gael government has lost a significant number of votes in the Dáil recently, including amendments on fossil fuel and tracker mortgages.

    Share Story:

Recent Stories


Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows