Thomas Byrne (Fianna Fail)

I am glad to support my colleagues in calling for the Order of Business not to be agreed to. It is an absolute scandal that we are imposing a levy on insurance policies today in a single meeting of the Seanad. It is a disgrace. We are talking about Seanad and Dáil reform, but it seems to be all talk and no action. I will not say anymore about the legislation because I have not had time to read it. I will have to spend my day reading it because my colleague who usually deals with such matters is not here today, unfortunately.

The Tara Mines pensioners from County Meath were outside Leinster House yesterday to protest against the introduction of a 0.6% levy on pension funds. We were told that the levy was to be introduced in the interests of job creation. When we claimed that pensions could be reduced by 10% as a result of the levy, we were told we were exaggerating and that we did not know what we were talking about. It was suggested it was a disgrace to oppose something that was all for jobs. The measure involved VAT cuts for industries such as the newspaper industry, which I highlighted at the time. A person who was outside this building yesterday will have his pension reduced from €10,000 to €9,000. The Government is taking money from him and giving it to Tony O'Reilly, Denis O'Brien and Rupert Murdoch. These are the facts. When we asked the Taoiseach if he had received any advice on the measure, he would not give it to us. Fianna Fáil had to submit a freedom of information request to find out that the Government had been advised not to introduce this measure because it would have huge adverse effects on pension funds. Document No. 112 which was released on foot of our freedom of information request is a letter from a representative of the Irish Insurance Federation on behalf of Standard Life, Irish Life and New Ireland. It argues that insurers must be in a position to pass on the levy to policyholders. That is what the industry asked for and that is what the Government gave it.