Feargal Quinn (Independent) | Oireachtas source

I second the amendment. They say an actor should never follow children or animals on to the stage. I feel the same following Senator Barrett because he covers and explains everything so well that there is almost nothing more on which I can touch.

I have some knowledge of the administration costs. I refer to the list the Senator gave which should be included. The first is administration costs. There is little doubt that the figures are wild and can go anywhere. Senator Barrett spoke about 0.5% as against 0.25%. That makes a huge difference but that is only one instance. I will not repeat what Senator Barrett already said but the award of extra years to retirees, the extent of under-estimated longevity, the poor investment returns, the failure to increase the retirement age and other reasons for the inability of the resources of the scheme to discharge its liability just go on and not to include them seems wrong.

Senator Barrett made the point very clearly in regard to amendment No. 4. The Bill states that the Minister for Finance shall in consultation with the Minister for Public Expenditure and Reform approve the request made under subsection (5). It makes sense to state "approve or amend". It seems to such a minor point but why should he only have the right to approve but not to amend? The amendments make sense and I urge the Minister to consider them.