Mr. Henry Gaynor:

Yes. The Deputy is correct in what he says. At work, our employer has a pension scheme. It is called an integrated pension scheme, in that the pension we get from our employer plus the State pension will make up two thirds of our basic salary. The experts in the pension industry reckon that to have a decent retirement, one needs about two thirds of one's paid salary to maintain one's standard of living. In my case, when I retire under the plans that are being put forward at present, I will get my work pension on the first year I retire and might be able to draw stamps, that is, a social welfare payment for the first year. For the second and third years, I will be means-tested and because I have a work pension, it will mean I either will get a greatly reduced social welfare payment or no payment at all.