Sheila Terry (Fine Gael)

That is the same as being underfunded. If schemes do not meet the funding standard, they are underfunded. The figure for 2004 is most worrying. We can take it that by the end of 2005 the figures will have increased even more. That is a worrying trend. The number of schemes that do not qualify is spiralling. Extending the funding period to ten years, as the Minister has proposed, will do nothing to address that situation.

The Minister should advance the bonding proposal. It would be a most welcome measure that might make the pensions industry sit up and take notice of its obligation to look after consumers, rather than just lining its own pockets with profits from the exorbitant fees and charges it demands. I take on board what the Minister said. I look forward to him coming back in future with a proposal in this regard to protect scheme members before the situation gets any worse. Matters are disimproving on an annual basis.