Ray Butler (Meath West, Fine Gael) | Oireachtas source

I apologise for my late arrival and wish to raise the aspect of this question that pertains to the self-employed. I was delighted to hear Mr. Phelan's observation that the self-employed were completely ignored in respect of pensions. I come from a self-employed background and spent 24 years in the shoe business. One good measure implemented by the present Government was that current statements now at least are being produced each year. For 24 years, I paid into a pension administered by one of the biggest pension companies in the State but never received a statement. One might telephone or seek such a statement and it might take five or six months for it to be produced. Two years ago, for the first time, I received a statement telling me what was in the aforementioned pension. However, when my business wound up, I found out to my detriment what it contained. This was after 24 years of contributing approximately £150 at the outset, rising to €220 per month, which worked out at approximately €43,200. However, I will not reveal the final sum contained in the pension, because it would frighten one.

The issue in respect of self-employed people is that accountants were selling pension schemes and many such schemes they were selling to self-employed people basically were gambling on stocks and shares. Although some of it was placed in a pension scheme that was safe, other parts of it were put into a gambling system on stocks and shares, to the detriment of self-employed people. I agree with Mr. McLoughlin's suggestion regarding having a Minister responsible for pensions. However, to revert to the point about allowing accountants to sell pension schemes to the self-employed, it was akin to auctioneers when they became bankers. In addition to selling one the house, they also provided the loan and one got everything under a single roof. When one was advised to pay into a pension, basically it was by telling one its purpose was to stop one from paying a pile of income tax. It should not be put forward in that manner, as pensions are there to make one's life better when one needs money in one's older years.

The Government has taken many steps concerning pensions, including annual statements which have been a big improvement. We need to examine the self-employed sector because, as with social protection, there are no pension provisions. Other countries have pension Ministers, so it would send out the right message to appoint such a person here.