I propose to speak on Financial Resolutions Nos. 5 to 8 together as they relate to pensions and on Financial Resolution No. 9, which concerns a related area, the taxation of tax-free termination lump sums. Against the very difficult and challenging budgetary situation facing this country, and as outlined in the national recovery plan, the tax base must be broadened and tax expenditure must be curtailed or abolished. Given the continuing very significant costs of pensions tax reliefs, such reliefs cannot escape attention in that regard. The national recovery plan specifically mentioned a number of the pension-related changes the Government has committed to making, in 2011 and over the three remaining periods of the plan. The changes announced in the Budget Statement today deliver on the commitment as regards 2011.

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