Fidelma Healy Eames (Fine Gael) | Oireachtas source

I welcome the panel. This is a fine report. The level of charges is madness and I concur with the comments of Deputy O'Dea. Why is there such a difference? Both levels of charges are huge. Why is there such a difference between 30% on individual pension schemes and 15% on occupational pension schemes? Is it because occupational pension schemes are doing more of the work?

What can we do to reduce these costs? The panel has made a number of recommendations on transparency. How can an individual find out if he or she is paying too much? With regard to the report's recommendations, who must carry these out? Is it the underwriter of the pension scheme, such as Irish Life or Standard Life? In what way do these companies liaise with the Minister for Social Protection?

The panel surveyed quite a few groups to produce this report. Did the possibility arise of taking out money from pensions funds to help individuals meet current commitments? Did it come up as an add-on comment? The panel may not have been looking for a view on it but may have heard it raised.

Ms Murphy referred to not collecting set information on commission structures, yet there is a clear question on page 263: "What factors typically influence the type of commission structures you typically choose for such pension arrangements?" The panel asked a very clear question on PRSAs, personal retirement bonds, executive pensions, approved retirement funds and groups. What were the findings and what is the level of commission? It used to be very high, 60% on a personal pension fund. I am keen to get answers to help people who have decided, in the case of individual schemes, to invest in these pension funds. Anyone with an occupational pension scheme has no choice but to invest.