Marie Moloney (Labour) | Oireachtas source

I will be brief and thank the witnesses for their attendance. As Deputy O'Dea observed, this issue has been in the public domain for ages and all members are well aware that pensions are in great difficulty. One point on which I picked up, which may have been made by Mr. McLoughlin, is that prior to 2008, pensions already were in trouble. This was at a time when tax relief was available in respect of pensions. Consequently, if they already were in trouble when tax reliefs were available, bringing them back will not solve the problem. As Mr. McLoughlin mentioned constitutional protection, did the association make a submission on this issue to the Constitutional Convention when it was sitting and if so, what was its feedback thereon? The association's suggestion that benefits should be cut is worrying. They are low enough and the Government is trying to keep them intact. Many people do not have a private pension and will rely solely on a social welfare pension. As for even the thought of cutting such benefits, I certainly will not make any such recommendation out of this committee. I also note Mr. Phelan's comment that the Irish Brokers Association's members advised on 90% of the private pensions in Ireland. What advice were its members giving them if this train crash was rolling down the tracks? If they were responsible for advising on 90% of the pensions in Ireland, what were they saying to them? What advice were the association's members giving to them?