Alice-Mary Higgins (Independent) | Oireachtas source

Why we probably need a new pension commission is that there was a fundamental gap. The terms of reference of the Pensions Commission excluded the tax relief on private pensions, so we had a situation where we were told that the cost of a universal State pension as recommended by the women's council and others would be €3 billion. That would be extortionate, but we know that €2.9 billion is being spent on private pension tax relief, which has of course will increase in next year's budget. Again, until we have an integrated look at our pension system, and a pension commission that genuinely looks at all of the aspects and areas of expenditure relating to pensions, we will not get the best policies in that area. That is not to put that solely on the Minister, but it is important for the record that there was a fundamental flaw in the terms of reference. It is only a situation like that where you would be painted into a wall in terms of expenditure that you would get situations, which I believe are completely, practically, politically and personally unworkable such as the idea of moving towards a 40-year contribution.