Jim Walsh (Fianna Fail) | Oireachtas source

I am sure there was some discussion yesterday regarding the costs attaching to pension funds and the deterrent they are to people investing in them. There is also speculation regarding changes that might be made in the forthcoming budget. Will the Leader arrange a debate on pensions? It is extraordinary that less than 50% of people have occupational pensions.

Given the change in demographics, there is a major potential liability being built up for the future, both in the public service and in the private sector, as people reach retiring age. There appears to be no planning and the Government is so oblivious that the Minister for Social Protection made changes to the State pension last year that mitigated against the interest of women who must leave the workforce during their careers, particularly during periods when they have children. That should be recognised in the system. We need a genuine debate on the issue. As part of that, and arising from the report, there should be a system of financial regulation with some fairly effective independent ombudsman.

We should have some debate on the Personal Insolvency Bill before it comes before the House. Provision should be made for adjudication so that banks do not have a veto. A plethora of families are buried under a spiral of debt from which they will never be able to extricate themselves. Unless we address the issue, there will not be growth in the economy. It would be useful to debate those issues.