Aengus Ó Snodaigh (Dublin South Central, Sinn Fein) | Oireachtas source

I welcome the report. It is an issue that has annoyed many people who, when considering their pension, have an idea about how much they will hopefully receive when they avail of it and are suddenly confronted with charges, hidden charges and whatnot. There is a great deal of work ahead of us in that regard.

There is a series of recommendations. There is also the issue of changes that have been introduced in the Central Bank legislation and possibly other legislative changes. Can some of the recommendations and changes be imposed retrospectively or do they only apply to all new pensions? The difficulty for us, as legislators, is that we are told we cannot apply something once somebody has signed a contract, even when that contract contains hidden charges. Some of the changes mentioned are quite simple and I hope the industry will agree to and adopt them on a voluntary basis. If not, can it be forced to disclose in full the fees and charges that have remained hidden from its customers? This is particularly relevant nowadays when people are trying to decide whether they should continue to contribute to a pension fund. Many people are in dire straits and if they see that the final figure is much lower than they anticipated, they might pull out. Some of them are putting themselves under a great deal of financial strain just to continue making payments in the hope of receiving a pension at the end of it. It is similar to the health insurance issue. People continue to make the payments because they have paid in for so long.

The glossary associated with the report is longer than the recommendations, which is an example of how complicated it is. It is not an area in which I have expertise. I will definitely go through the report to tease out a few more questions as the changes and recommendations are progressed. There is a degree of urgency about this, but we must also ensure we get it right, especially if the Minister, as she has said, is moving towards auto enrolment. Again, that is a separate pension scheme and it will have its own fees and charges, but, because the State will be involved, they will be up-front and above board. Perhaps that will also force the industry to try to compete with that new model. It is not one with which I fully agree, but if it is going to be put in place, it will have to be a model that will make the private industry reach its target. There is a job of work to be done in that regard. The report is well done.