Mr. Philip Kermode:

Professor Moloney has put her finger very much on the main element that concerned us at the beginning, which was ensuring that the system per sekept to what was intended by the so-called EET, that is, "exempt-exempt-taxed" and that at the end of the system, there would be appropriate taxation of pension payments as they are made out. Regarding the Deputy's point, it is important to look at the lifetime effect of these provisions, particularly some of the recommendations made by the commission. For example, on the periodic benchmarking of the standard fund threshold, which limits or increases the amount that can be gained from the pension scheme, supported by tax relief. We tried in that case to get to a so-called appropriate and fair level of retirement. It was for this reason we felt the standard fund should be periodically benchmarked.