Mary Hanafin (Dún Laoghaire, Fianna Fail)

I do not accept that there has been poor regulation of the funds. However, because they are investment funds, the value of the investments has fallen. Where there is scope for further regulation and tightening up — as there is in some cases — we will certainly do that, particularly in the case of employers etc. who are not handing over the pension contributions. We are looking at that. However it is bound by the Pensions Act 1990 and the trust law. As I indicated earlier where changes were needed for the short term, we have certainly made those.

The Deputy asked about a pension protection fund effectively offering a State guarantee. That would basically transfer the risk to the State, which is a major risk. It would involve an agency running the scheme, investing resources and paying.

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