David Norris (Independent)

However, the additional voluntary contributions, AVCs, should be accessible. That would be welcome because such payments are made voluntarily, as an attempt to gain extra years or an additional pension and there should be an element of option involved. I speak with some feeling on this because I paid AVCs over a number of years. When the crash happened, I tried to take them out but was told I was not allowed to and now they are worth virtually nothing. However, that is my problem and I am well able to cope with it. I would only recommend access to pension funds under the aforementioned terms.

The linking of pensions to the consumer price index raises the question of the index itself because a revision of the method of calculation of the consumer price index is long overdue. I do not see, for example, any reason to include the consumption of alcohol and nicotine in the calculation of the consumer price index. There are much more fundamental elements that should be considered in this and I do not see why taxpayers should support people in these habits, if they have them.

The Minister referred to the fact that more people are living longer now. They will not do the decent thing, it seems, and die in the interests of the State. It is a demographic fact that is a worry to many of us. Our pension fund has been raided and is consistently being raided. It is depleted and is depleting further all the time. The figures in this regard are even worse than some of my colleagues have suggested. The Minister said that demographic projections suggest that by the middle of the century there will be only two people of working age supporting every one person over 65, compared with six at the moment. However, that figure refers only to those of working age. It does not actually mean the people in question are working. The significant question is whether or not such people are working and producing the money needed to fund pensions.

On the issue of benchmarking, I agree with the comments of my colleagues and that is why I voted against it when it was before this House. However, being a human, I accepted whatever moneys accrued.