Ciarán Lynch (Cork South Central, Labour)
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Question 115: To ask the Tánaiste and Minister for Finance if he will re-define the definition of investment instrument as stated in the Investment Intermediaries Act 1995, to make authorised entities accountable for advice given by them to public servants on notional service purchase choices; and if he will make a statement on the matter. [2314/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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In response to a Parliamentary Question on 2 October 2007, I provided information setting out the position where public servants are considering the purchase of additional notional service. In such situations it is important to note that there is no specific need to contact a financial advisor as the purchase of additional notional service, in circumstances where the facility is available, can be arranged directly with the relevant Personnel Section. If in doubt about the matter, independent advice could be sought by the officer. My reply on 2 October 2007 also noted that detailed advice on this matter was available on the Government's website at www.cspensions.gov.ie

Although the Deputy's question specifically relates to the purchase of notional service by public servants, there may be an issue as to whether the type of legislative change sought by the Deputy might be appropriate in relation to the purchase of Additional Voluntary Contributions (AVCs) by public servants. Any such change would require consultation with the Financial Regulator, in view of its statutory consumer protection mandate, and the Minister for Social and Family Affairs, given his policy and legislative responsibilities in the area of pensions provision. I have asked my Department to write to the Financial Regulator and to the Department of Social and Family Affairs in this matter to request their views. I will keep the Deputy informed of progress.