Show us the money
Jack O'Connor of SIPTU is suggesting that €3-4bn of the €70bn that is in private pension funds in this country be invested in job creation projects. This, he believes, will "create tens of thousands of jobs and transform this country".
Private pension funds in Ireland have already been decimated by poor investment strategies, high charges, lack of diversification and investing in risky businesses, meaning many people face a very bleak retirement.
On top of this, the private pension funds have already had to pay a further 0.6pc of the value of pension assets in the state to fund the Government's jobs initiative from 2011. The only people who will lend to Ireland at present are the lenders of last resort in the form of the troika and Jack wants the pension funds to step in where no one else seeks to go.
Can I suggest that Jack and his senior colleagues in SIPTU throw their pension pots into this job creation initiative first as a mark of goodwill. This would show some real leadership, given that if this scheme did not work, then Jack would have to live on the state pension when he retires.
On top of that, when they find the remainder of the €5m HSE monies missing from the Skills Training Fund which he has referred to the Garda Fraud Squad then that too could be added to the fund. Sounds good, Jack.
David Kavanagh
Tullamore, Co Offaly
Irish Independent
