Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The figure of €290 million is the maximum amount estimated so that would be the case if we took existing pensioners and recalculated what they might be entitled to under a new set of rules. There would almost certainly be demands to do that. The rules could be changed prospectively but I think those who are already retired would want the rules changed for them as well. The Deputy is right in saying that any significant change to the rules does result in winners and losers. Even a change that makes it fairer would result in winners and losers. One could spend hundreds of millions of euro to make sure there are no losers at the pension end but, of course, that must then be paid for by existing PRSI contributors today. Working men and women, working fathers and mothers of today and their employers would have to foot the bill of anything that resulted from the change because of the way the social insurance system works, which is PRSI in and PRSI out. One thing that is under consideration, and the Deputy will see this when we are ready to produce the document, is replacing the homemaker's disregard with a homemaker's credit so one would count the number of years spent in the home looking after children or a sick relative as a credit.

See this speech in context