Dr. Micheál Collins:

I will respond briefly and then pass over to Dr. Roantree. I am involved with some colleagues as part of a pension policy research group. We engage with others in the pensions space. For the most part, the suggestions are not about taking resources away from current pensioners but are about reforming the system into the future and, therefore, limiting the cost to the State of it. There is a recognition, which I would share, that the current structure of pensions, in many cases, is not working. The experiences the Deputy and his colleagues encounter from time to time are not surprising in terms of the difficult circumstances in which individuals find themselves because of the risks their pension funds have taken. This throws up questions as to whether we should have a private pension system or whether we should only have a much more enhanced State pension. I am of the view we should not have any private pension system and should have purely a proper and more generous universal State pension. Perhaps, however, that is a discussion for another day and for another committee.