Joan Burton (Dublin West, Labour)

Will the Minister make arrangements to have that broadcast fairly widely? People are in fear and trepidation that what they have saved for is literally gone down the Swanee in terms of the money they put into their investment funds. I hope the Minister will be open-minded enough so that if the current falls in the markets continue for more than two years, as it would seem they may do, he will be flexible. There is an opportunity here for the National Treasury Management Agency, for example, to offer a safe vehicle for an annuity at a low cost. The Minister makes friendly references to the pensions industry. The reality of the pensions industry in Ireland is that, among the pensions industries of the world, it has the highest level of charges. Other jurisdictions seek to limit and cap charges but our Government does not.

I would also like the Minister to address an issue which is very important from an employment point of view, namely, how he, as Minister for Finance, proposes to advise his colleagues about the treatment from an employer's point of view of defined contribution schemes where the current rules are that if the scheme comes into deficit, the deficit must be topped up. If the deficit is not topped up, the scheme technically comes into default. If that issue is not addressed rapidly, that default will become a reason for many companies seeking the protection of receivership if the deficit involved in pensions schemes for which they have a liability becomes excessive. In the time available, I would like the Minister to address his attention to this. It is very important from the point of view of thousands of companies and their continuation through very lean times.

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