Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

Let us say it was a normal company. The profits would be taxed, the post-tax profits would be distributed and those distributions would then be taxed. Pension funds are different in that their profits are not taxed; they are distributed and then the policyholder is taxed but I am trying to establish the difference for the life assurance fund. A life assurance fund is different. First of all it has shareholders, which pension funds do not. A life assurance fund pays dividends to its shareholders. I am trying to establish - maybe we have agreement or perhaps not - that-----