We will pay for raiding Pension Reserve Fund

THERE seems to be a sense that the national Pension Reserve Fund is a wad of “free money” that we can raid at a time of our choosing.

In reality, every time we dip into the Pension Reserve we are literally taking money out of the pocket of those who will retire in five, six or 10 years’ time.

Pension liabilities of EU Member States are part of the Stability and Growth Pact and as a consequence of our totally unrealistic EU/IMF deal, we are now committed to bringing the country back into line with this pact by 2014, therefore any shortfall in pension liabilities will have to be taken into consideration in this context.