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Ó Snodaigh secures commitment to Dáil debate on pension charges

24 October, 2012 - by Aengus Ó Snodaigh TD


Sinn Féin spokesperson on social protection Aengus Ó Snodaigh has this morning secured a commitment from the Taoiseach that a Dáil debate will take place on the Pension Charges Report published yesterday.

Speaking this morning Deputy Ó Snodaigh said;

“I look forward to debating the charges and related matters such as the continued regressive subsidisation of this industry via tax reliefs and the loss of massive wealth from our economy to investments overseas with government at the earliest opportunity.”

Speaking last night in response to the Department of Social Protection report on pensions, Sinn Féin spokesperson, Aengus ÓSnodaigh TD had said;

“The outrageous charges imposed by 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 intends 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.”

ends

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