John Paul Phelan (Fine Gael)

The provisions of the Bill make it clear that the Minister has an ear to listen to the pensions industry rather than those people who are losing their long-term pension entitlements, such as those who worked for Waterford Crystal. In recent years the Government has granted additional tax write-offs up to, I believe, approximately €50 billion for people who want to pay into private pension schemes. That money is directly foregone by the Revenue Commissioners because the Government has decided to go down that route. I am sad that policy is being continued in the Bill.