Alice-Mary Higgins (Independent) | Oireachtas source

We have had a lengthy discussion in respect of pension policy and private pension tax relief and whether it is an efficient use of the State's resources. It costs €2.9 billion a year when a universal pension would cost €3 billion. We had that discussion. While I may not agree with him, the Minister responded on a lot of the other aspects of the private pension tax relief. However, the crucial part remains unaddressed, which is an analysis of the gender impacts. Such research as we have shows that 70% of the benefits went to the top cohort, to higher earners who are predominantly men.

When we look at pension policy in the round, one of the acknowledged challenges faced across Europe and in Ireland is the gender pension gap. It is much wider than the gender wage gap. The gender pension gap is substantial. Surely anything we are doing on pension policy should have addressing the gender pension gap and improving it, rather than widening it, as a priority. It would be very timely and appropriate for us to have a specific gender analysis in respect of the private pension tax relief system. I would suggest then using a comparator to see the impact of that in terms of gender and the other potential ways we might spend our Exchequer's moneys, either through revisions of the private pension tax relief scheme, by focusing more on things like auto-enrolment, which also needs to be gender-proofed and has not been, or through our social protection system and things like the universal pension. There are many ways for us to use our money effectively for the presumed social goal, which is to have as much of the population as possible living with financial independence and security into later life and to narrow that gap, which is historic. We must bear in mind that on this particular issue, we are talking about a historic injustice to women and their pensions in this State, lingering with the effects of the marriage bar and systemic inequality over many years. The gender pension gap is a practical priority and I would say it is a principled priority. Can we analyse our private pension tax relief and try to see what it is doing in that regard and how it could be improved? We know it is mainly going to men.