Mr. Tim Duggan:

I understand completely. It is fine. I will carry on from where I left off. I am right at the end of the written submission. I was talking about the reform and simplification of occupational pensions. The important point is that in July 2016 the Pensions Authority launched an open consultation process on a range of pension reform proposals, many of which are consistent with our transposition obligations under the new EU pensions directive, IORPS II. It is anticipated that the authority will issue a report and recommendations for the Minister’s consideration in early 2017.

To conclude, I note that, as with other sectors of the economy, the last number of years have proven challenging for pension provision. Demographic pressures, financial volatility and the State’s desire to ensure that all of its citizens have the opportunity to be financially secure in retirement mean that reform of all forms of pension provision will be required to improve the sustainability and adequacy of the pension system for Irish people. I thank the members for their time. My colleagues and I will be happy to expand on any of these matters for the committee.