Darragh O'Brien (Fianna Fail) | Oireachtas source

It is. There has been use of really cute language and the Government has managed to talk about the private pension levy without saying "0.75%". There has been mention of an additional 0.15% stamp duty levy on pension fund assets in 2014 and 2015, but the existing 0.6% levy will cease at the end of 2014. There seems to be a really good spin doctor in the Department of Finance who is able to state the private pension levy is to be increased to 0.75%. What is the cost of this? According to the Irish Brokers Association, a normal person earning €60,000 and paying into a pension fund since the age of 25 years will be hit for approximately €875 per year. Retained and retired members have seen pensions and payments reduced to make this cash payment. There is a massive pension fund leaving the country on 1 January because of the private pension levy. These regressive decisions have been made by the Government and not only is it bad for the industry, but it is also bad for people who are trying to make provision for their retirement. At the same time the Social Welfare and Pensions (No. 2) Bill seeks to reduce existing pension rights in the private sector, with no change to public sector pensions or a move to a funded basis for such pensions, as opposed to paying them from current expenditure and the tax take. The person who is making an effort is being whacked.

I will move specifically to the one-parent family tax credit. I acknowledge that the Government has made a minor shift in allowing the primary carer who is not working to transfer the tax credit. There will be 15,700 families affected by this measure and the provision is €1,600 per year.