Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

First, I welcome the transitional measures the Minister is proposing in the amendments. Taking it to the end of March next year is welcome and necessary.

It is fair to say this is quite technical. We will have to go over some of the remarks the Minister put on the record there by way of explanation of some of the amendments but it is true to say that there is a different treatment in relation to vested PRSAs of those over the age of 75 proposed than those that apply to an ARF. I am not sure, having listened to that exchange, what the logic is.

Given that the Minister is proposing to introduce a benefit, a so-called "crystallisation event", at age 75, why is it necessary to prohibit the withdrawal of assets from a vested PRSA but to allow a withdrawal to pay the imputed distribution from it? What is the rationale behind that?