Joe O'Toole (Independent)

I want to refer to the provision concerning a person's savings or similar investments. This comes back to the earlier question I raised about interest. I want to know what "similar investments" means. I know what savings are and everybody is clear about that, but I gave two examples earlier. If a person had to sell his or her house, one would not generally consider that money to be savings. I think anybody would accept that. It would be helpful if the Minister of State could put on the record of the House that it would not come under the term "similar investments" either. That would solve my initial problem about the interest rates concerning a person who had to liquidate his or her house or property. Irrespective of whether that person needed to do so to take care of himself or herself, to go into a nursing home or to move home, it would not be a matter of "similar investments". What does that phrase mean? I accept that this is a tricky issue. I understand that complexities are involved and I am not trying to be difficult.

If someone retires from a business or the public sector, the amount of money that he or she receives as part of a superannuation lump sum is easily recognisable. Would this be considered a saving or similar investment? Given that pension lump sums help many people, they are concerned that they may need to liquidate and spend their savings.

While I am sure that the words "the person's savings or similar investments" were carefully chosen, do they include the proceeds from the sale of a property that someone has kept in a bank so that he or she can change houses, downsize or share it out with his or her separated spouse or the superannuation lump sum, which would not be a normal saving or similar investment?