Róisín Shortall (Dublin North West, Labour)

We are talking about yet another study to examine something that is a very good idea for cutting out the middleman. The middleman in the pensions industry is very expensive so there are many advantages to a State annuity scheme. Overall, the problem is that there is no current policy in this area. There are options in respect of the State annuity scheme. There are very attractive options for nationalising some or all of the pension schemes and for what could be done with the funds and the benefits that would accrue to pensioners. Some 500,000 people have defined benefit schemes and they are concerned about their futures. Their pension schemes are under-funded to the tune of €30 million. Action must be taken and the Minister must indicate her thinking on this. What will she do about this massive shortfall in funding of pensions? What is her thinking with regard to the role of the State in this regard and when can we expect action?

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