I move that the Bill be now read a Second Time.
The purpose of this Bill is to enable the Houses of the Oireachtas (Members) Pensions Scheme to be amended to provide pensions for the widows and children of deceased members and to enable the Minister for Finance to make such grants as he thinks proper to the Fund set up under the scheme.
Once the power to pay pensions to the widows and children of deceased members exists, it is intended to introduce a motion in both Houses, spelling out the conditions on which such pensions may be granted and the amounts which will be payable. In addition it is intended to provide in the motion for an improvement in the pensions payable to members of the scheme themselves.
The Bill will also give power to the Minister for Finance to make grants to the Fund out of voted moneys. It is intended that these grants should cover the costs of the scheme, following the proposed amendments, over and above those which can be met by members' contributions but I would like to take this opportunity to stress that this power will not necessarily be used to subsidise any further changes that may be made from time to time in the scheme. Any further amendments which the Oireachtas may see fit to make will have to be examined separately and the fact that financial assistance will be given to cover the changes now proposed is not a guarantee that State grants will be available to cover future changes. No exact figure can be given of the amount of subsidy that will be required until the costs of the improvements have been actuarially investigated. It is intended to have such an investigation carried out in the near future, but in the meantime it is proposed that the amount of the Exchequer subsidy will be £12,000 per annum. This should suffice to ensure the viability of the Fund until the actuary's report has been received.
I would also like to mention that it is hoped to pay widows' and orphans' pensions under the scheme and the improved pensions for members with effect from 1 April next.