Feargal Quinn (Independent) | Oireachtas source

Like everybody else, I extend my sympathy to Senator John Kelly on the death of his father. Coming so shortly after the deaths of Nicky McFadden and Edward Haughey, it is a reminder of how short life is and how we must fit as much as we can into our lives. I am sure we will get the chance to talk about Nicky McFadden and Edward Haughey at a later stage.

I second Senator Barrett's amendment to the Order of Business.

Senator Michael Mullins spoke about getting the economy going and what we can do. I made a proposal a couple of years ago that the Government should release the money in pensions for those who wish to take it, so that they could spend it now rather than necessarily keeping it. Very minor first steps were taken in the budget last year. However, it was interesting to note last week that the UK Government announced that retirees would have the freedom to take out savings built up in any defined contribution scheme as a lump sum, subject to the marginal rate of tax. Instead of turning their savings into a guaranteed lifetime income as an annuity, they will have the opportunity to spend the money. This is something we should, and can, do. It will not cost the Government as it will get the tax on the money, but it could mean that money would be spent in ways that will enable the economy to benefit. I think it is something we should do. I believe the Minister's heart is in the right place, and he has taken the first steps, but he has a lot further to go. We have seen the example in Britain and I am delighted to think the British are listening to us, even if the Government here is not.