Dr. Micheál Collins:

On the pension proposals, I have not been suggesting taking away anything that individuals who, as part of their employment, would have already in place but it is rather about reforming it currently so that future contributions receive less tax relief on the way into pension savings.

Dr. Roantree and I prepared our contributions independently but we both highlighted the issue of lump-sum payments for employees. Many workers are of the view that when they retire, their pensions will initially pay out a tax-free lump sum and that they will subsequently receive a pension payment. The first point I would make is, internationally, that is an unusual system. The second comment I would make is that at one point I was of the view that should not be in place and that we should ensure individuals had sufficient resources in their pensions to be able to support themselves and their families for the rest of their lives. I was convinced by one of my fellow members on the previous Commission on Taxation that it was a good idea-----