Last year, there was a significant raid on the pensions of workers in the private sector through the 0.6% pension levy to fund job creation, which has clearly failed in its application. Many pensioners are receiving letters from their trustees, saying pensions are being reduced because of the levy. In the context of the NewERA proposal, and particularly the National Pensions Reserve Fund and the forthcoming legislation regarding it, or by including it in the Financial Emergency Measures in the Public Interest Act 2010 and the Credit Institutions (Stabilisation) Act, has the Government considered including a mechanism similar to that used for public sector pensions to reduce those pensions significantly? I refer to bankers' pensions in particular. There is a precedent and a facility that has been used in respect of public sector pensions and it could be used in the context of the pensions of bankers, particularly at a bank that has received substantial State support and where transfers have taken place within the bank's balance sheet, as happened recently in the case of AIB. The Department of Finance officials did not object. In the context of such recapitalisation and utilisation of taxpayers' funds and company funds to bail out the pension fund up to 100%, the mechanism used for the public sector could be used here to redress the balance and to apply some justice and fair play. It is a constructive suggestion that could have an impact on bankers' pensions.

With the indulgence of the Ceann Comhairle, before replying to Deputy Martin's question, this is the last opportunity in the House to encourage people to vote on Saturday in the children's referendum. I am sure other party leaders will do the same. It is an important referendum and it is the first time we have run something like this on a Saturday. Deputy Martin was particularly exercised about students earlier but students, in particular, asked for this measure so that they can get home and vote.

They have no money.

The pension levy is a temporary levy and has generated 10,000 jobs in the tourism industry. A report has been received by the Minister for Social Protection on charges on pensions. A consultation process has been initiated and will run for three months. The specific issue raised by Deputy Martin is whether something similar to the Financial Emergency Measures in the Public Interest Act can be applied to private pension schemes. Private pension schemes are established separately and are governed by separate legislation. The schemes have trustees and the scope of the State to intervene in such pension schemes is limited and must be done through the Pensions Board.

What about the recapitalisation of the bankers' pension fund?

Deputy Martin is referring to the money transferred to the pension fund in AIB. That was put in to ensure the voluntary redundancy scheme at AIB, leading to a significant reduction in the number of staff in AIB, was supported and to ensure the pension entitlements were protected.

I refer to the big ones.

We cannot have a debate on this.

We must be careful because it is complex. We all feel the same way about large pensions paid to the big guys who have left but we do not want to undermine the pension scheme for bank officials, who are not at fault for what happened in the banking system. Many of them have lost their jobs and we must ensure their pensions are protected. We do not want to undermine their pension schemes while dealing with a different problem.

The Government may not have to.

I disagree with all of the above, but I am not going to go there.

Thank you.