Seanad report: Senator Feargal Quinn highlights ‘crisis’ in private pension sector

Independent Senator Feargal Quinn has called for action on the “crisis’’ in the private pension sector.

“The industry feels threatened and believes it will need to start earning trust very quickly if it is to regain that trust,’’ he said. “In the region of €2 billion has been taken out of pension schemes.’’

Mr Quinn told the Seanad that people who had saved all their lives for their pensions were suddenly finding they could not retire on the expected basis. Concerns had been expressed that the Government was not valuing the self-employed, who were building industry and jobs in Ireland.

“The budget is almost telling people to stay in their safe and secure 9-to-5 jobs rather than go out to start their own businesses,’’ he added. “This Government does not appear to recognise the benefits brought by self-employed people; we have to do something about it.’’

Mr Quinn said many people were looking for jobs in Ireland but many employers were looking for people with skills. France had recently introduced the teaching of computer coding at primary level, with students younger than 10 years being taught the subject, he added.

“A young man in Ireland, James Whelan, has set up an organisation to facilitate such activities worldwide and it has been very successful,’’ Mr Quinn added. “It is a reminder that we have to do something about the stresses and strains on primary schools.’’

He said he did not understand why teachers were so opposed to continuous assessment, even though it was being proposed by the Department of Education that only 40 per cent of assessments would be based on it. “In other countries, teachers are crying out to be allowed to assess their pupils,’’ Mr Quinn said.