The introduction of legislation to give effect to the Government decision to set up a social welfare reserve fund, and a public service reserve fund, is a matter for my colleague, the Minister for Finance. I would stress however, that I strongly support the proposal to pre-fund for future pension liabilities and my Department is represented on the technical working group examining the issues relating to the introduction of the necessary legislation. The development, operation and supervision of these funds are currently being discussed in this forum.
I would also point out that the establishment of an explicit mechanism to fund, at least partially, the prospective substantial growth that is expected to occur in social welfare old age pensions in the first half of this century as a result of changes in the age profile of the population, was recommended by the pensions board in their report on the national pensions policy initiative, published in May 1998.