James Bannon (Fine Gael)

It is estimated in the budget that the annual savings which will arise from these pension changes will be approximately €300 million in current terms in 30 to 40 years, with some savings being realised before that. No more needs to be said. This Government's actions speak for themselves. Once again, it is turning to a sector of our society which is not deserving of or capable of handling the burden that is being put on it to ease the problems of the Government.

The Bill is a double edged sword for older people in the workforce. Older people should have the choice of whether to retire. Age is not a good indicator of how capable or otherwise a person is. In this respect, the Bill offers the older worker the chance to remain in the workforce, despite age. This extension of the working years is desirable when voluntary but my concern with the Bill is that the Minister is paving the way for compulsory extension.

By the time many people achieve a half decent pension, they may no longer be able to enjoy it. The biggest question thrown up by this Bill concerns the private sector. Will the Bill have a knock-on effect or will the private sector lag behind, for better or worse, in the implementation of the proposals?

The Minister referred to the exclusion of Taoisigh. Will he elaborate further on that? I do not see why we should go backwards. The general opinion on the issue is that we are developing a monarchy type situation. The Queen's pension or salary is not questioned in Britain and it looks as if we are heading in the same direction. Perhaps the Minister can explain that.