Simon Harris (Wicklow, Fine Gael)
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I will be brief. I welcome the thrust of this measure. It is logical and necessary in the financial position in which this country finds itself.

The Minister of State rightly referred to the establishment of the National Pensions Reserve Fund as an enlightened move, which it clearly is, but all the money that has been pumped into the banks will seem like a small drop in the ocean compared with the ticking time bomb that is this country's future pensions bill. I presume the Minister of State would agree that we must get back to a situation where we are putting money aside for our pension provision. He might update me on our position with regard to planning for our future pension provision and what he referred to in his speech as the increasing cost of social welfare and public service pensions.