Fianna Fáil to propose stricter pension laws for businesses

Opposition party Fianna Fáil will propose legislative measures to prevent solvent businesses winding up defined benefit pension plans, the Irish Independent reports.

The party’s welfare spokesperson Willie O’Dea has drafted an amendment to the Pensions Act 1990 which would give the Pensions Authority the statutory power, under certain conditions, to prevent pension schemes from being shut down.

The Pensions Authority would be able to force a company to eliminate up to 50 per cent of the deficit in a scheme before closing it.

Mr O’Dea told the Irish Independent: “That would help pensioners get their entitlements and stop some worrying practices which were often profoundly unfair and risked leading to hardship.”