Michael D'Arcy (Fine Gael)

It is up to 40%, which is substantial and has been helpful. It has been helpful in that it has encouraged people to start paying into pension funds in the first instance. A figure of 0.6% is modest. In the 30 to 40 year lifespan of a pension fund, this will not have a very significant impact. Some who may be approaching retirement could be affected more than others, but, unfortunately, that is just the way it is.

I want to touch on what Senator John Crown stated. While it is not relevant to the Bill, I would appreciate it if the Minister and his officials examined in detail the option of exiting pension schemes early. I do not see the point in having a pension fund that is to become available in 15 or 17 years if one loses one's house in the meantime. A little common sense must prevail in such cases. Perhaps this might be considered in the subsequent Bill or the next budget for those in difficulty whose schemes are subject to very strict criteria.