Brendan Ryan (Labour)

I agree with Senator Brian Hayes about the need for a discussion on pensions. The country was fed a view on private pensions, based on an ever-growing stock market, during the past ten years. On the last occasion the stock market fell as precipitously as it has during the past three years, it took the Dow Jones 30 years to recover. This means anyone over 35 faces the prospect of a much more poorly funded private pension. This is a serious issue which also confronts the State because of its pension provision requirements. The optimism that the stock market will all bounce back in a few years is not grounded in historical experience and, consequently, there is a major need for a debate on this issue.