Olivia Mitchell (Dublin South, Fine Gael) | Oireachtas source

I thank the Minister for coming into the House to respond to this matter. I am disappointed with the response. Nobody understands the situation facing the country more than me, and I fully appreciate the need for financial emergency measures, but given that they are extraordinary powers, they must be used judiciously and justly. The proportion of the pension from the fund, which was privately accumulated, is so large relative to the portion of pension that comes from the State contributions, it makes this a special case. I may not be explaining it properly but the pension pot that was transferred to the fund was actuarially determined to ensure there was no cost to the National Treasury Management Agency for that portion of pension that would later accrue. In other words, there is no cost to the State or no reduction in terms of what is due to the State. I accept that the portion of pension that comes from the contributions - the NTMA - is fair game but the privately funded part, which was actuarially determined to ensure there was no additional cost to the State, should not be included. This case will probably end up in the courts but the Minister might examine cases like this one where the majority of the fund comes from private sources.

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