Jim Walsh (Fianna Fail)

-----and, as they progressed with their careers, would have gone on to the top rate. In fact, every amount that they put in plus any increase - in this instance, they may well be looking at decreases - will be taxed now at their marginal rate, which, in most instances, will be the top rate of tax. All one is doing is deferring tax. If the Government did not provide that incentive, there would be no reason for anybody to put a penny into pensions because one does not have the control of one's money and the regulations attaching prohibit use of it as one's own asset. It is prescribed as to how one must deal with it. In many instances, people must buy annuities with it, which is one of the great scams. I do not want to open up that debate.