Mr. Aidan McLoughlin:

No, not to my knowledge. I am also making the point that the industry itself, particularly the fund industry, is down 60% and is laying off staff. It is not going to have profits. Some of the major players, or their parent companies, were being supported by the State. The economic existence of the major players in the pension industry was due to State support. It is not a situation where there are excess profits to be voluntarily diverted to anything else.

The self-employed are a discriminated class in much of what happens in pensions. They have no ability to achieve the same level of benefits as anybody else because artificial limits are placed on them. Their pensions do not even count as pensions so the pensions system does not recognise them. They are not covered by the Pensions Board. Only at EU level are they now considering bringing self-employed pensions within the regime.

I was listening to a debate last night about the importance of the self-employed and how they have helped to create employment, which is good. The point was made that 60% of new employment will be created by small businesses getting up and running. However, should we not at least give them an opportunity to enjoy a pension in their final years when they have given the State that benefit? Currently, the system does not allow the self-employed to enjoy that benefit.

We made a submission to the Constitutional Convention suggesting that pensions should be included. There was a general conclusion dealing with social matters but I did not see pensions being specifically mentioned. I am not aware that it has been taken on board.