I said to the Minister of State previously that we agree with many aspects of the jobs initiative. However, by levying pensions, the Government is exempting the majority of the pensions sector in what it proposes here. It should have examined levying tax free lump sums. If it needed to raise the money for this initiative, and I understand that governments need to raise money, it should have examined that option. The vast majority of people will have an element of a tax free lump sum on retirement. They will have the option of that, be they self-employed, propriety directors and those in the public and private sectors. The Government could have examined, say, levying 0.6% of one's retirement fund, one's tax free lump sum. That would take into account the fact that a person could walk away with €500,000 in a tax free cash sum and be able to hive the rest of it into an ARF that will be exempted from the pensions levy, and simply to be taxed on a nominal 5% withdrawal from it every year and to be left with that. The ARFs can pass to a spouse following the death of the retiree, with very few implications in terms of inheritance tax. We are letting that whole sector off the hook completely with this measure. The Minister of State can shake his head but we are. We will push these recommendations on the basis of protecting what is there. At the very least we must protect the expectation that pension scheme members have, particularly those who are closer to retirement. We accept the Minister of State will go ahead with imposing the levy, with which we disagree, but he should not allow the pension scheme trustees to reduce the benefits of existing members in funds.