Michael McGrath (Cork South Central, Fianna Fail)

I have one comment on the issue of ARFs. Can the Minister get access to information on the total value of ARF funds in Ireland? A call to the Pensions Board or to the industry might elicit that information. It would be helpful for all of us to put in context the total value of ARFs in Ireland.

Amendments Nos. 9 and 12 deal with the payment date and the chargeable date as such for the imposition of this levy. The Minister is factoring in that a sum of €470 million will be received each year and there is an even figure put in place for each year. Has he any information that as a consequence of the levy being enacted in this legislation it will result in a pattern of behaviour emerging which could have an impact on the amount that will be received, and by pattern of behaviour I mean the behaviour of individual scheme members and the behaviour of pension funds? For example, persons who are in a position to access their pension fund and draw it down may now do so ahead of time. People who have the option of converting their pension fund to an ARF may choose to do so now. There is also the possibility of pension funds being moved abroad. Clearly the amount to be received in September of this year is based on the valuation from June, but is there any evidence from the industry or concern on its part that the yield may be less in subsequent years as a result of certain behaviours that may emerge following the levy?

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