Sheila Terry (Fine Gael)

I join with the other Members who have asked for a debate on the ESRI report on pensions. Although we have had debates at my request on pensions in this House previously, it is timely that we have one now following the publication of this report and also in light of the many articles which one frequently reads about SSIA money and the efforts of the pensions industry to get its hands on it when it matures and that the Minister for Finance may be considering some other form of pension to tie in with the money. I am concerned the Minister will not demand that the pensions industry provide some protection for private sector pensions in return for any new deal. Senator O'Toole is correct that the Government is spending millions of euro in tax relief for the private pensions industry and we are not getting value for money. While I welcome the guarantees afforded to public sector pensions, the same is needed for those in the private sector. It is time we had another debate on this issue because the Minister is considering matters in this area.