Tom Hayes
Ceist:10 Deputy Tom Hayes asked the Minister for Social and Family Affairs the date the long-term pension framework will be published; and if she will make a statement on the matter. [17066/09]
Amharc ar fhreagraThursday, 30 April 2009
Ceisteanna (10)
Freagraí scríofa
As the House is aware, the Green Paper on Pensions was published in October 2007 and was followed by an extensive consultation process which concluded at the end of May 2008. Almost 400 submissions were received on the range of issues presented in the Green Paper, indicating a strong desire for pension reform but there was little consensus on the type of reforms required.
The Government is faced with very difficult decisions in this area and this has become even more challenging over the last number of months. The current financial difficulties mean that many defined benefit schemes are in a deficit position and many people have seen their savings eroded. In this context, and to follow on from measures taken in December last year, the Government has just announced plans for the introduction of a Pensions Insolvency Payment Scheme to assist workers in defined benefit schemes where the employer has become insolvent.
I am aware that this is only one aspect of the many challenges facing pension provision in this country. We are also faced with challenges in relation to pension coverage, the sustainability of our pension system generally, the adequacy of current provision and the issues raised in the Green Paper process relating to social welfare pensions.
Our objective must be a pension system which will deliver an adequate retirement income for all which is, at the same time affordable and sustainable for the State, and those who sponsor and provide occupational pensions systems.
The House is aware that pension reform is an extremely complex issue and the Government must ensure that it has considered all of the issues involved before making decisions which have such a strong impact on people's livelihoods. A good, robust pensions system is costly no matter how it is organised. The challenge faced by Government is to strike the appropriate balance between those involved, including employers, people in employment and the State.
Discussions with my Government colleagues on the final framework are ongoing, and I expect that the framework will be published in the near future.