Willie O'Dea (Limerick East, Fianna Fail)

I will convey the Senator's view to the Tánaiste. People in the public sector, including ourselves, are fortunate in that we have a defined contribution scheme. The existing position covering many smaller contributors in the PAYE system, whom I suspect the Senator has in mind, could be described as paternalistic. The Government is of the view that if some employees are given the option of taking a lump sum on retirement rather than having the certainty of an annuity, which will give them a certain guaranteed stream of income over a period, they will be at the mercy of the uncertainties of the stock market and financial advisers. They would have to depend on their lump sum to supplement whatever provision they may have from the State in the form of a contributory old age pension or retirement pension. They might not necessarily get the best investment advice. The self-employed who provide their private pensions tend to have access to better advice and more high powered accountants. I agree with the Senator that the Government's view in terms of those employees is a little paternalistic. I will convey his views to the Tánaiste.