Brendan Ryan (Dublin North, Labour) | Oireachtas source

In respect of the €2.9 billion and the tax relief versus tax deferral, the tax relief is current and there is a financial benefit to the person receiving it when they get it. When one talks about money other than the tax-free lump sum being taxable after retirement, if no tax is paid on it, it is very hard to argue that there is some kind of equivalence when one is getting real benefits and no tax on the amount at the end.