Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

From a policy point of view, I am a bit ambivalent about it. I realise the importance of making proper provision for pension purposes; however, if people are absolutely financially stuck they might need access to savings they have put away in AVCs. Certainly the drawdown was less than I expected.

I would have thought, as a result of the advocacy by different groups and the personal representations made by Deputies on all sides of the House, that there would be a bigger take-up. That said, the Finance Bill provided for a three year wind-down starting in June 2013. I will look at the issue in the context of the next Finance Bill and, in particular, take into account the suggestions made by the Deputy to see if we will let it run, as initiated in the last Finance Bill, or modify it to make it more attractive, as the Deputy would describe it. I do not want to incentivise it. It is tax neutral.

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