Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

I concur with the arguments and sentiments of the last speaker and I support amendment No. 10 which seeks, in a modest way, to provide those on the lowest income scale with some credit for their efforts to provide for pension needs in later life. The review of tax reliefs has revealed how the wealthy have used pension reliefs to avoid tax on a massive scale. One notorious case concerns retirement funds of €100 million set up by two companies for two bosses. In each case €25 million was withdrawn by the individuals concerned as a tax free lump sum. This occurs at one end of the scale and this amendment seeks to address the other end.

Without addressing this we will see a perpetuation of the inequalities inherent in our society and Government policy as presented over the past two terms. The Government continues to deny it is the case but all evidence shows we are creating opportunities for those who have built up largesse to have a greater return from the Exchequer and public funds. Yet, those at the very lowest level who have striven and faced all the difficulties of providing for themselves and presumably in many cases for their families and dependants throughout their lifetime, have no measure of relief offered. It is a simple choice of taking the first steps to address the inequalities that exist and in this regard the amendment proposes a very paltry step in that direction. I hope the Minister will accede to it.

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