Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Deputy could argue it is an incentive but that is not the way I see it. Deciding to tax at the marginal rate of 41% is a disincentive. The Deputy can compare that with the rate a person would be charged on the pension subsequently and he can see there is an advantage in terms of the rates applied, but whether it is the 41% rate as against whatever it would be, for example, a 48% rate, if we use that as the figure, I do not think that necessarily incentivises people to take their AVCs out earlier.

They are two different regimes.