Brian Cowen (Laois-Offaly, Fianna Fail)

The general pensions policy has been discussed in some detail in the context of social partnership. The agreement we have obtained includes a commitment to the production of a Green Paper on this issue in the next 12 months. The Minister for Social and Family Affairs has begun the process of consultation in this regard and I will also be centrally involved in terms of any issues that may arise for the taxpayer.

My initial position is that these are matters above and beyond those relating to State pension provisions, which are the responsibility of the State. The question of supplementary pension provision is one that must be addressed primarily by those who are the beneficiaries, including the companies and employees concerned. In regard to individual State bodies, it is a matter for the boards of those bodies in the first instance. In the case of any State body with a deficit on its scheme, it is a matter for that body to address the problem in a sustainable manner that does not compromise the commercial viability of the company. In regard to accounting issues, commercial bodies are expected to observe appropriate accounting standards and there is a general awareness of that requirement.

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