Enda Kenny (Mayo, Fine Gael)

That is a constructive suggestion. At yesterday's brief press conference I conducted with the Tánaiste and Minister for Foreign Affairs, I mentioned that the administrative costs in the pensions industry could be reduced to the level applied in the UK. Similar costs that apply in the UK are a fraction of what they are here. In that sense, an equivalent amount approaching the Government's levy could be made available.

The Deputy made a valid point about swamps being associated with some of these industries. I will transfer the Deputy's request to the Minister for Finance. It is a matter which should be examined. The House has a duty to reflect on the current structures of the pension funds industry, to see if they can be improved and if they can be of better benefit to their contributors. Pension contributors were well supported by tax concessions in the building up of these funds. The Government's levy is on the funds. There could be a reduction in the administrative costs associated with these funds and, consequently, the take by those in senior positions in the industry. I will refer this matter to the Minister for Finance.

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