This levy will penalise people who have made a conscious decision, encouraged by successive Governments, to prepare for and separately fund for their retirement, thereby reducing the financial impact on the State on their retirement. A pensions crisis is looming from 2030 onwards because of our ageing population. The longer people have been in a scheme, the more they will pay. The main contributors to pension schemes, who in most instances are employers, will be let off the hook. While our recommendation proposing a review of this measure was defeated, I take the Minister of State at his word that the jobs initiative will be reviewed, which I welcome, but such review should cover the impact of this measure on pension schemes and pension benefits. The Government will ensure that this levy will be imposed and paid this September and I could almost certainly say that in 12 months time there will be wholesale reductions in the composition of pension schemes, in promised pensions, retirement funds and retirement values paid out to employees. That would be a colossal impact of this levy, particularly if a person is close to retirement.