asked the Minister for Finance if he is aware that the pensions being paid to most retired employees of the Irish Life Assurance Company Limited are no longer adequate to maintain the minimum standards of subsistence which they were intended to provide; and if, in view of the controlling interest which he exercises over the affairs of this Company by virtue of the Government's majority holding of its share capital, he will advise or direct the Board of the Company to have an immediate and adequate adjustment of the present levels of pension effected for all former employees without delay.
Ceisteanna—Questions. Oral Answers. - Pensions of Insurance Company Employees.
11.
I have no function in relation to the pension scheme of the Irish Life Assurance Company.
Is the Minister aware that many of these agents now on pension were formerly employees of British assurance companies and, when taken over, their pension rights were also taken over? Would the Minister not feel that the Government have a responsibility to see that their pension rights are kept up in the normal way so as to compensate for the increased cost of living?
Speaking on the pensions Bill, I reminded the House that private firms such as the Irish Life Assurance Company would have considerable difficulty if they had to amend their pension schemes because finances are not provided by them to meet such increased charges.
Is it not a fact that the individuals referred to by Deputy Kyne were responsible, through their loyalty and their energetic work, for building up the company to the successful company it is to-day? In view of that and in view of the fact that the Minister and the Government have responsibility as a Government for this company, would he now ask the people in charge of it to consider this matter sympathetically?
I have no doubt that, due to their loyalty and hard work, these men were largely responsible for building up the company to its present successful position but I have to have regard to the difficulty that increases of pension would bring about for any private firm.
I doubt if the Minister can suggest that this is a private company in the accepted sense of the word. Surely the Minister does not suggest that?
I should have said a private concern. It is not strictly a private company but it is a company that has no right to public funds and one that must rely on its own resources.
Is the Minister not the largest shareholder?
Yes.
And then surely, as the largest shareholder, he could use his good offices in this matter?
As a shareholder, what can I do if it is a fact that the company has ordered its finances in such a way that it cannot afford to pay a certain amount into the pension fund?
We know that the Minister has already shown that he has the right to interfere in these matters, if he considers it in the public interest to do so. Surely he could make representations to the company to deal sympathetically with these people who have given such good service?