Kathleen Lynch (Cork North Central, Labour)

This Bill does not deal with AVCs which are private sector products that are already heavily regulated. The information contained in a table and which applies to teachers was distributed on Committee Stage and I hope it was of some assistance to Deputies. The Deputy has taken a sensible decision to make the argument rather than to table an amendment specifically dealing with this issue which could be moved out of order as being a potential charge on the Exchequer. The Deputy has chosen a novel but very clever way of debating amendments.

The Deputy will understand that the amendment No. 14 as he has tabled it, is not acceptable to the Minister. On the proposal that a notional service purchase option be included, the Minister points out that the single scheme is based on accrual of money amounts towards pension and lump sum and so it effectively represents a discontinuance of service as a measure of superannuation entitlement. In short, the scheme is counting reckonable amounts, that is, money, not years of service or notional service - this is a very clear difference - and would therefore be incompatible with the fundamental designs of the new scheme to insert a service-based element in respect of purchase of benefits and accordingly, the Minister, is not in a position to accept the amendment. However, I appreciate the Deputy's arguments.

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