Arthur Morgan (Louth, Sinn Fein)

I take it that the Minister has known for a considerable period of time that a number of private pensions are in serious difficulties. She stated that people should not be surprised by the news. I can tell her, however, that many of the people who made representations to me were shocked by this news. I acknowledge that the markets have experienced difficulties since 11 September 2001 but the scale of the current crisis was not expected. There was room for an element of shock because not everybody who holds a pension watches the market closely. The Minister is correct that no scheme has gone bust yet and long may that continue. However, while I do not want to be alarmist or cause people further concern, I have to point out that it is not looking good for a number of schemes. I am disappointed, therefore, that she will not accept my amendment.

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