Labhrás Ó Murchú (Fianna Fail)

I compliment the Minister for tackling a time bomb which many people would like to ignore. The dictum that old heads cannot be placed on young shoulders contains an element of truth in the context of pensions schemes. Some years ago, an exceptionally lucrative pension scheme I offered to a young lady was refused. Due to our difference in age, I could not understand her refusal. Her response is typical of young people. If the special savings scheme of the former Minister for Finance, Mr. Charlie McCreevy, was constructed on the basis that the scheme's unbelievable benefits were not accessible before the age of 65, it would not have been successful. One of the reasons for the scheme's success was that light could be seen at the end of the tunnel. People could envisage accessing their money. We must factor a change of culture into our actions. If attitudes do not change, we will continue to face this problem. I had the mischievous thought that, even if a scheme is successfully put in place, the Minister will win little political kudos from a certain age group. We live in affluent times and disposable incomes have been committed to mortgages or second cars. Thought is not given to providing for a rainy day. This cultural problem must be investigated. People will have to step back from their methods of spending. I have repeatedly spoken on the absence of a thrift culture among young people. I am of a similar age to the Leader, although I will not mention the number of years.