Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)

Can the Minister confirm that there is no preferred option at this stage? Without substantial changes to the private pensions industry, it should not be considered suitable, given that there is a need for greater transparency on costs. Up to 30% of a pensioner's lump sum is often swallowed up in charges. The return on private pension assets was recently only 1%, whereas the return from the An Post scheme is 3%. That would be a better model to follow when providing a second tier pension.

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