Séamus Brennan (Dublin South, Fianna Fail)

A total of 55,000 people hold PRSAs. There was no formal Government target but I would have expected that at least 100,000 might have joined the scheme by now. I do not have a breakdown of tax relief between different schemes because tax breaks on pensions cover a range of schemes. I am sure it is available and broken down by scheme and I will get the figures for the Deputy. PRSAs are only one aspect of this issue because there are other tax efficient pension arrangements. The overall figure is close to €2 billion. I can get the exact figure for the Deputy.

It is not as much a crisis here as in other countries because our demographics are still favourable. Within the European Union only 44% of people aged over 50 are in the workforce. In the United Kingdom the figure is 53% and the figure here is probably similar. I need to pin that figure down so the Deputy should not hold me to it. People in their early 50s in the western world are leaving the workforce. Since 1985 life expectancy has increased by five years into the 80s. That period imposes a significant strain on pension systems. It will take the wisdom of Job to consider the situation where a person is retired for longer than he or she worked.

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