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

I do not believe that is right either. Internationally, the tax policy on pensions is that one either taxes on the way in or the way out. If one gives tax relief at the marginal relief on the way in, one is entitled to take it back on the way out. That is the way things work. It is not a question of having an incentive or disincentive. Many people have been seeking this and many Deputies have spoken to me about this. It has been raised in debates in the House and after consideration, we decided to do it in a prudent way to allow people access to 30% of the AVC. We then made decisions about how they would be taxed. That is the way it is.