Michael McGrath (Cork South Central, Fianna Fail)

We believe the Government's decision to impose a levy on private pension funds was deeply unfair. The Government is in effect raiding the private savings of Irish citizens. This measure runs contrary to the long-established principle of all Governments to encourage people to save prudently for their retirement. It was a sneaky levy. The Minister said it is a levy on the industry yet the Government voted down an amendment put forward by this side of the House which would have forced the industry to absorb the levy and not pass it on to pensioners by way of reduced benefits or to workers by way of increased contributions. The Government voted down that amendment.

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