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

Is the Minister aware that, under the IORP I directive which was designed to do the same thing, the then Government agreed to a derogation for this type of scheme, in particular, on the basis that a one-size-fits-all model did not work? Is she aware that her colleague in the European Parliament, Mr. Brian Hayes, MEP, confirmed at a meeting on 29 January with the association representing these schemes that the Government had a clear and strong view on the terms of the directive to the effect that there must be maximum flexibility in how schemes were managed so as to be able to make special provision for one member arrangements? He went on to say and allowed the association to reference him that the reason for the derogation was Ireland had championed and supported it. The Minister's colleague in the European Parliament has pointed to why there should be a derogation from the directive, yet the Government is choosing not to implement one. The Minister has stated people must be protected from mismanagement of their funds, but is she aware that the pensioners in one member pension schemes make the decisions? They have not sought protection against their own decisions. Is the Minister aware that the Government's approach eliminates freedom of choice and will have an impact on, for example, investment in housing, an area in which some of the schemes are the main investors and where the Government has committed to providing more housing?

See this speech in context