In response to a Department of Social Protection report on pensions, Sinn Féin spokesperson, Aengus ÓSnodaigh TD said:
“The outrageous charges imposed the private pensions industry is not news to us. We have been highlighting these charges and the lack of transparency surrounding them for some time to the current and the previous government.
“The report is valuable in that it quantifies the charges. Not only are they outrageously high but the industry is taking this massive profit for itself at a time that it has been performing extremely poorly.
“Under the National Pension Framework published by the Fianna Fáil government and adopted by the current one, the government intends to introduce auto-enrolment under which all workers will be obliged to contribute to a personal pension.
“The contributions will be collected by the PRSI system but the government then intend to hand this over to the private pensions industry to manage and administer.
“We have been saying that it is madness to reward the private pensions industry with this undeserved gift and that it should instead be managed by the PRSI system. Hopefully with this further evidence in front of her the minister will finally pay heed to us.”