Sean Barrett (Independent) | Oireachtas source

I join with Senator Hayden in commending the PSNI in Enniskillen on finding the missing children from County Roscommon. I think the expert advice in the early hours is important. It was terrific they found the children so soon. They deserve the thanks of the House for that.

I also thank the Minister of State at the Department of Jobs, Enterprise and Innovation, Deputy Sean Sherlock. Yesterday, when responding to amendments during our discussions on the regulation of accountants, he agreed to talk to Senator Quinn and us on the delays in procedure, the lack of penalties, restrictions on the authority of the regulatory body and the fact that bodies such as the EBS, the INBS and credit unions which, because they are not listed on the Stock Exchange, are not subject to the same regulation.

It was an important gesture by the Minister. The regulation of accountants has been let slip.

Later this morning we will debate pensions and will make additional provision for the restructuring of certain occupational pension schemes for the purpose of reducing benefits paid to certain person under such schemes. A most interesting debate on pension fees is happening in the UK today. The UK Government plans to cap pension management fees at 0.75% but Legal & General claims it should be 0.5%. A 1% increase in administration fees adds €120,000 to an average pension so we need to debate pensions in the House. We are bailing out some pensions from a welfare point of view but we do not want to bail out high cost and inefficient companies. I seek a debate, particularly apropos of the developments in the UK today and on the costs of maladministration. The failure to properly take demographic developments into account and so on costs people on pensions because each 1% increase in administration costs €120,000. I seek a debate on that aspect of pensions and want the matter added to what the Minister will discuss with us later this morning. Go raibh maith agat.