Billy Timmins (Wicklow, Fine Gael)

I disagree with the Minister. The Government has dragged its heels on this issue for more than a decade. With regard to the pensions framework, when can we expect the implementation group to be established?

The Minister referred to returns on equity investments being bad over the past number of years. Returns were not bad over the past year. However, the National Pensions Reserve Fund only achieved a return of 2.5% on an investment of €7 billion in 2009. The fund was set up to protect pensions into the future but every policy from every political party proposes to raid the fund. At this stage it has probably been raided ten times over. What is the Minister's view on the raiding of the fund? Has he considered other measures to deal with the pensions shortfall such as increasing the pension age or reducing pensions? Has he thought of anything outside the box?

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