Alice-Mary Higgins (Independent) | Oireachtas source

One does not suffer tax relief, though. Tax relief is not income. It is a public subsidy. It is a balancing of the goods. It is simply a matter of saying that this is public expenditure and that they will still have whatever they put in so far. They benefit from tax relief on a yearly basis so there is nothing that they have not benefitted from. There is a matter of deciding if we spend the €2.6 billion on that. There are many things that would be wonderful. We have to balance it against our public policy pension goals and that is core. This scheme for those people on €40,000 or €50,000, which effectively gives 33%, is very positive. There is not a reduction to the standard rate but 33% from the State and an employer contribution. I think this scheme will be significantly better for most people in that bracket. I worry that we would end up continuing to subsidise, as was specifically mentioned, someone on a private scheme getting between €30,000 and €40,000 getting 40% and having it customised. It is an extraordinary idea that 1% of the population has 50% of the schemes. If one has a personalised investment scheme that the State is subsiding to a 40% rate, why would one move to this scheme? This scheme should be taken up as much as possible and should work for as much of the population as possible. I think it is a better scheme for someone on €40,000 or €50,000.