Séamus Brennan (Dublin South, Fianna Fail)

The Watson Wyatt report found that 238,000 people are insured under these plans, with 85% of the plans arranged through employer sponsored or voluntary groups. I am anxious that the schemes come under some form of monitoring and regulation. The report recommended that they be brought under the Insurance Ombudsman, now called the Financial Services Ombudsman. My Department and the Department of Finance are discussing how best to make this happen. I support the consultants' suggestion and am of the view that the services must be within the ambit of the Financial Services Ombudsman. We will try to ensure this happens as soon as possible so that the schemes may be overseen.

It is worth pointing out that these are not so much pension plans as insurance plans. They insure against a person not being able to continue work in certain circumstances.

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