Private pension charges
Aengus Ó Snodaigh seeks a debate and regulation of excessive private-pension fees, and Willie O’Dea asks about using the consumer and competition Bill; the Taoiseach promises a debate and publication of that Bill this session.
The Department of Social Protection published a report yesterday. Is it intended to make time available to debate this report in the House, particularly the large-scale rip-off it has exposed? Is it envisaged that legislation will be introduced to better regulate the private pensions industry, particularly the fees and charges it imposes, unbeknownst to people and also the trustees of many pension funds?
Comment on this
This is a major report and I commend the Minister for Social Protection, Deputy Joan Burton, on bringing it forward. There will be a debate on the report which contains a range of matters with which the Government will be obliged to deal. This area is a maze of confusion for thousands. Successive Governments have stated the administrative charges applied by pension funds are excessive. There will be an opportunity for the House to engage in a full debate on the report.
Comment on this
On the same topic, I suggest the forthcoming consumer and competition Bill might, perhaps, be an appropriate vehicle to deal with this issue. Is the Taoiseach in a position to indicate when the Bill will be published?