Kathleen O'Meara (Labour)

I support the comments of Senator Terry, particularly with regard to the need for people to be fully supported in providing for their future retirement. I have always found it interesting that Irish people like to invest in property. If we ask them why, they often say it is for their pension. They have a greater sense of security from investment in property than from investment in pension funds. The thinking on pensions is that they cannot be relied on.

I would be interested to hear the Minister's comments on the take up of PRSAs. How successful or unsuccessful have they been? Do we need to revisit that area?

Do people understand the provisions being made for their future? Pensions are a major issue for us, particularly considering our population balance and the demands that will be made on the State if pension provisions are not made. We acknowledge that much work has been done and that the issue is more in the open than previously. Legislation is also far stronger. Speaking for myself, I do not have the first clue about pensions. They are part of the area of mathematics, figures and financial calculations. I understand they should be carefully considered, but they are difficult to understand.

The Pensions Board must have a role in keeping people informed or at least allow them to see how they can be kept informed of where they stand. It is a concern, for example, that people who work in a private company who believe their future pension is secure often find out that it is not. I acknowledge the concerns raised by Senator Terry and look forward to the Minister's response.