Nicky McFadden (Fine Gael)

The Green Paper on pensions was published recently. However, in recent days, we heard about the memo leaked to The Sunday Tribune and the worry and concerns of people who are retired or who are about to retire that there may be insufficient funds to meet the liabilities. We all know the public sector pensions are very safe and that is proper order. However, it is so unfair that the people who actually pay the pensions for the public service are the people who are going to be expected to live on €230 a week. It is very cold comfort from the Minister for Social and Family Affairs to say that they can rely on €230 a week when these are the people who have been working all their lives to pay our pensions and those of the Garda Síochána, teachers and all the fat cat public servants who are earning masses of money. We saw one such public servant resign last week. His pension will be intact and he will have no worries.

Like Senator Fitzgerald I ask that the Leader make representations to the Minister on the issue of pensions. There is a proposal that people would be able to extend or postpone drawing down their pensions until the market stabilises and pensions would go up again. This is the best way to deal with it and it would be some reassurance for people who are so worried. It is not good enough for the Taoiseach to have said that the Minister will talk to the pensions industry. This is a very limp reply to the anxiety and worry that exist.