Shane Ross (Dublin South, Independent)

I thank the Tánaiste for the reply. However, we do not need a study to tell us what is going on in that industry. Our pension fund managers are among the worst performers in the world, they have made about the worst investment decisions in the world and they are among the highest chargers in the world. As a result, a large number of pension funds are in deficit and people's pensions are very badly affected.

I do not have faith in the Government telling me there will be a study by various people who are presumably representative of and involved in the industry. What we need are decisions. We do not need to wait for another study or for events to overtake us as they did with the banks. What we need is for the Government to give us a pledge - I ask the Tánaiste for this now - that it will move immediately to ensure the Irish pensions industry is not an industry which continues to make managers rich and to make pensioners poorer.

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