Sean Barrett (Independent) | Oireachtas source

I move amendment No. 28:

In page 14, subsection (1), between lines 29 and 30, to insert the following:"(e) an actuarial assessment of the impact of this reduction in pension related deductions will be published annually.".

This is a brief amendment. The Minister earlier a reduction of €125 in the pension levy. The concern I have is based on the report of the review group on State assets and liabilities, which stated that the State bodies had a pension deficit of €3.4 billion, while the assets were 69% of the obligations. There was other legislation here, with universities, the ESRI and the Institute of Public Administration, where bankrupt pension funds were lobbed in. My fear is that, left to themselves, this generation - I include myself in that - will award each other added years and lower contributions, but will there be an actuary to say, "By the way, guys, you have blown it. The pension fund is now broke."? That is a suggestion, although I will not push it. When we give away €125 to this generation, what will be left in the pension fund? The Minister for Social Protection has published documents showing that we need to get serious about pensions. We have raided the National Pensions Reserve Fund to a huge degree and, according to the review group, we have €3.4 billion in net liabilities in pension funds. I am worried about the proposal to give people €125 as a sweetener. It comes at a cost, and that should be explicit.

If we are left to ourselves, we will raid the pension funds, have a party now and do nothing about planning for the future, which is the reason we got into this trouble in the first instance.