Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

I acknowledge that not all tax reliefs are necessarily a bad thing. The Minister must take on board in regard to the provision of private pensions that every citizen is a taxpayer, either through direct taxation in terms of employment or indirect taxation as a consumer. We all pay into the pot and no matter how the case is couched or presented, the reality and truth is that only higher income earners and those who are most well off can afford a private pension scheme arrangement. Such provision is unquestionably still the preserve of those who are most well off despite the Minister's intentions and the introduction of the reliefs scheme. In truth there is a compelling case to revisit these measures. The Minister talked about creating an incentive, but surely the biggest incentive is the fact that thankfully the greater number of us will live longer and the need for pension provision into the future is a more certain project. There is an incentive there aplenty. If people can afford it, they do not need the further incentive of another share of the overall tax take, which proportionately comes from many who cannot ever hope to aspire to such an option in their lifetime.

It is critically important that we evaluate the creation of a State pension across the board, properly funded by each and everyone of us in our way, directly and indirectly. We must make such provision at a level commensurate with people's needs and not at the current level provided under the existing social welfare code. That is the challenge. I ask the Minister to examine that proposal in the context of the upcoming budget.

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