Martin Mansergh (Fianna Fail)

I agree with the remarks made by my colleague, Senator Jim Walsh. It may be puritanical to state that the 25% lump sum may not be withdrawn. People are entitled to a little financial flexibility and to make choices when they retire. A good point was made on the difference between public and private sector pensions, which counters the argument that the figures are too high. The Minister deserves to be complimented on introducing the limits because the accumulation of vast crocks of gold has come to our attention. That is fine but does not need State support. The limit of €5 million is generous and I would not contemplate increasing it soon. It is not wise to change such figures every year. There must be a degree of predictability so that people can plan. Now that this decision has been taken it should be left as it is for some time.