Retrospective bid to block pension wind up ruled out

Social Protection Minister Leo Varadkar ruled out any “retrospective” attempts to prevent healthy companies winding up defined benefit pension schemes, saying the move will not legally work.

He said it is not possible to make firms return money after schemes have already been scrapped, despite calls by the opposition for the protection to be put into law.

In a bid to prevent Independent News and Media (IMN) from wind ing up its defined benefit scheme for hundreds of current and former staff as announced before Christmas, Labour yesterday published plans to make the move illegal.