Éamon Ó Cuív (Galway West, Fianna Fail)

The public might not believe that but it could be wrong. The basic system was working but the problem was a projection into the future. With a rate of 6% contributions and with the pension scheme we had, over time there would be a bigger slice taken from tax funding to make up for the fact that the amount of money being paid in would not cover all the pensioners because their numbers would increase and they would live much longer. Something had to give, with the choice being to take more from general taxation or look to curtail the bill by making the current reforms.

I do not agree with opt-out systems because if they were in place, we would all have opted out when we were young. Those of pension age would all want to opt in again. I do not know if the Minister, Deputy Howlin, hopes to still be the Minister in 35 or 40 years.

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