Willie O'Dea (Limerick City, Fianna Fail) | Oireachtas source

I am sure there is one thing on which Members on all sides could agree, namely, that pension schemes in this country are facing a considerable crisis. It is long past time for a mature, national debate on the subject. There are six people of working age for every person over the age of 65 years. By 2060 that figure will have changed dramatically to just two people of working age for every person over the age of 65 years. In recent years we have had a plethora of reports, studies, recommendations and suggestions on how to establish a sustainable pension retirement scheme. However, to date, all that is lacking is appropriate action. The Bill changes the priority order in the event that a pension scheme gets into difficulty and winds up for one particular type of private pension scheme, namely, a defined benefit pension scheme. Therefore, it is dealing with a very tiny part of the overall pensions jigsaw. Nevertheless, it does improve on the situation which preceded it.

The first question I must ask is why it has taken so long. I accept the Minister's point that this is a complex area, but the Government's proposal is relatively straightforward. A variant of it has been around since the Department commissioned a report in 2010. I readily concede that the previous Government had the report and suggestion for one year and did not do anything about the priority order, but the Government has not done anything about it for three years.

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