Pearse Doherty (Donegal South West, Sinn Fein)
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The point is that people who invested funds in AMRFs would have got tax relief of 41% on them, so it is a case of tax forgone. The idea behind the imputed distribution rate is to ensure Revenue gets some tax back. The 5% rate does not require an individual to draw down his or her pension; it just means that Revenue will assume he or she has drawn down the 5% and apply tax at that level. It does not mean, however, that the pension fund will be depleted by 5%. It will only be depleted by approximately 2% because the tax will apply at the 40% rate. I disagree with the proposal but I presume we will not reach any further clarity or find agreement on the matter.