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

The reason underpinning this proposed change is that up to now if a sportsperson paid money into a retirement annuity contract, RAC, that person got the relief that I described previously. If, however, the person paid the equivalent amount into a personal retirement savings account, PRSA, he or she did not get the relief. It is to give the same relief to people who contribute to PRSAs as to sportspersons who contribute to RACs. That is the only change. It does not change the amounts subject to relief. It equalises the relief available under a PRSA with that available under a RAC, which I do not fully understand.