Olwyn Enright (Laois-Offaly, Fine Gael)

I tabled this question because I was alarmed - as was the Minister, I am sure - by the comments last week by the chief executive of the Pensions Board. The Minister will be aware it was announced that 75% of defined benefit schemes continue to be in deficit. When one combines all of these, the shortfall is €25 billion, as I hope the Minister is aware.

The Minister has enacted some changes that have assisted some, although not all, schemes. He spoke about the pensions framework but last week the chief executive said that substantial risks continue to be taken and if the same strategies that caused much of the recent losses continue to be used the chances of further losses are too high. That alarmed me and I would like to hear the Minister comment on it.

The Minister said responsibility lies with trustees and employers. I accept that and agree with it. However, there is also governmental responsibility regarding oversight of all the schemes. If these continue to operate in a manner that employs the same strategies that caused much of the recent losses, I wish to know what the Minister will do about this to ensure the schemes operate more responsibly.

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