Darragh O'Brien (Fianna Fail) | Oireachtas source

I will not add much, but we have tabled a recommendation on Committee Stage that will be re-entered on Report Stage. An IT glitch meant some recommendations were not included, but they will be tabled again tomorrow.

I worked in this industry and was there when PRSAs were first introduced. They are portable as vehicles, but I will not go over old ground. There is more complexity to PRSAs than there should be, but they have helped, although not as much as we expected. By law, employers must set up a PRSA facility, regardless of whether they or employees pay into it. This is an anomaly as it was not intended in 2011 that PRSAs would be set at a disadvantage compared to normal personal pension schemes and membership of pension schemes to which employers and employees contribute. Something should be done and could be done in a finance Bill or, separately, at any stage. I note that the Social Welfare Bill 2014 is not a social welfare and pensions Bill, but a new section could be inserted to deal with this issue. In the Seanad we are restricted to making recommendations.

The playing pitch is not level for normal pension schemes and PRSAs. We are speaking about provisions that apply to migratory workers, contractors and seasonal workers and the majority are in low paid jobs. We want to ensure such persons have made pension arrangements because the level of pension coverage in this sector is lower than anywhere else. This is not the entire reason for this provision, but it is part of it. I support the recommendation which I have retabled for Report Stage tomorrow.