Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

Life assurance funds have two pots of money. One pot of money is their own money; for example, if a person takes out a life assurance policy and pays a €3,000 premium per year into the fund, on one's death one's spouse receives €200,000. The premium that is paid in every year to that fund is owned by the life assurance fund. The second pot of money is approved retirement funds, ARFs. It is the pot that says "I am putting money into the life assurance fund but it is my money and the company will invest it on my behalf, I will draw it down when I retire and then I will pay tax on that". The pot of money that belongs to the life assurance fund was, until recently, taxed.