THE EDITOR, Sir:
THE DEBATE about pensions legislation continues with certain stakeholders continuing to express concerns about implications once the legislation and the associated regulations have been passed.
As the minister responsible, I am aware of all of these concerns having personally met with representatives of all interest groups. At this stage I wish to make the following points:
1. The present situation whereby there is no explicit pensions legislation cannot continue. Everyone agrees that the amounts managed in these funds are too significant to be left with no direct regulatory supervision.
2. The Government has no "benefit" to reap from the passage of this legislation. Our only concern is to ensure that those who have contributed to these funds during their working life reap the maximum returns when they need it most.
3. There is an explicit commitment to have all stakeholders involved in future discussions leading to either amendments to present legislation or coverage of additional areas.
I trust that these points will serve to reassure those who have genuine concerns about the imminent changes.
I am, etc.,
OMAR DAVIES, MP
Minister of Finance
