Seán Barrett (Dún Laoghaire, Fine Gael)

I support the principles behind both amendments. There is a simple point about pensions. A person gets tax relief on the amount of money put into a fund. When one takes it out one pays tax. I always felt it was wrong to put too many restrictions on the ways people deal with their pension money. Circumstances are different for different individuals. Some people may need money immediately and others may not.

When one's pension age, or retirement age, arrives one can take the pension, automatically. However, some people continue in employment, do not need the money and want to allow it increase. The way things are going, people will work beyond the usual retirement ages of 60 or 65. I always fail to see why the State should worry too much about when a person takes his or her benefit. Whenever people take their benefit they will be taxed fully.

Deputy Bruton made a point about the self-employed. I can offer a personal example. My retirement age was 60 and I got the fund but because I was still working I did not need to draw down my money. I spoke on this issue last year. The Minister required that 1% had to be taken last year, 2% this year, 3% next year. My fund has decreased considerably——

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