Arthur Morgan (Louth, Sinn Fein)

We do not have an opportunity to examine this legislation properly. That is not a whinge - it is a simple fact. This is not an example of good practice. The interested groups, including the trade unions, have not had an opportunity to get their experts to consider this legislation and express their considered opinions, which would have been of benefit to many of us in this House. The Minister said earlier this evening that pensions legislation is "complex" and that "the changes being proposed took considerable time to prepare". How much time did it take to prepare this Bill? Later in her speech, she stated, "the Government's initiative began in December with the announcement of several short-term measures aimed at reducing the pressure on underfunded defined benefit schemes by allowing greater flexibility". Did the drafting of this Bill start in December? Is that when the process started? Did it begin at a later stage?

We have been told on a number of occasions that this legislation is cost-neutral to the Exchequer. Is there any prospect of a change in that position, for example, if there are further problems with the stock market or further alterations in interest rates? Can the Minister envisage any developments that would change the cost-neutral position that is being described at the moment? The social insurance fund, for example, is under significant pressure. That is why I am keen to speak about PRSI matters. We will return to that later. Is it likely that the problems in the social insurance fund will have an impact on this cost-neutral position of this legislation? What factors might alter that position? That is what I am essentially asking, in the first instance. I share the concern of other Deputies about the rushed manner in which this Bill has been introduced. For the sake of another week or two, Members could have been able to examine this legislation properly and constructively. As that would have been meritorious, it is unfortunate that it did not happen. I acknowledge that there is some good intent in the Minister's efforts to deal with the pension funds of people who are under severe pressure. I am extremely disappointed that the legislation she has introduced is so measured. It would be better if the Bill dealt with the entire pensions issue in a more comprehensive manner. I will be interested to hear the Minister's reply.

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