Olwyn Enright (Laois-Offaly, Fine Gael)

I take this opportunity of asking the Minister, following on from Deputy Morgan's point, when she first became aware of the difficulties? From anecdotal evidence and from speaking to businesses involved, we all are aware of the difficulties which existed in the defined benefit schemes. On the specific memo leaked from the Department, when did the official knowledge — if I can put it that way — come to her of the scale of the difficulties? Is it accurate that over 80% of those schemes are in severe difficulty and not in compliance with legislation?

While I do not have a difficulty with the thrust of the amendment, my party would abstain if it is put to a vote on the basis that I do not wish to be in the position of allowing the Minister have more money at her disposal without knowing how it will be spent. There needs to be an overall package in the pensions area. I am disappointed at the lack of progress that has been made in both the pensions area under the Government's direct control, the State pension, but also in the private pensions area. I do not know that the Government is fully appreciative of the considerable difficulties and fears faced by members of the public.

The Minister's interview on the "News at One" has left people horrified. To have spent millions of euro encouraging people to invest in private pensions and then to tell them not to worry because in the worst case scenario they would still have the State pension is cold comfort to those who have been watching their assets and resources dwindling continuously. One person who is near retirement age told me the other day that he would have to find a way of working for another ten years because he cannot afford to retire.

The Minister must put a little more meat on it than telling people to rely on the State pension. While the State pension exists, the Minister and her predecessors actively encouraged people to invest in private pension schemes. The Minister is not responsible for the fall across the board in the stock markets, but there has been significant reliance on investing in the Irish Stock Exchange by comparison to the practice in other countries where they spread the investment far more widely.

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