Feargal Quinn (Independent) | Oireachtas source

Two or three years ago in the run-up to the budget I made a strong case for the Minister for Finance allowing people to access their additional voluntary contributions, AVCs, from their pensions. The scheme he set up was minimal but very worthy. Recently I asked him to consider extending that and doing it again but I received a reply in recent days to the effect that he has no intention of doing so. In his reply he states, "I have no plans to extend pre-retirement access to pension savings beyond what is provided for in relation to AVCs". I wish to express my disappointment with this, particularly with the announcement this week that the Chancellor of the Exchequer in Britain has introduced a scheme under which 1 million people over 65 will enjoy better incomes. One pensioner in ten will be up to £600 better off under the multi-billion pound bonds windfall announced by the Chancellor on Monday. I mention this because being able to access their AVCs enables people to spend money which in turn helps the economy, as well as relieving them of financial worries. It gives people the opportunity to help the economy. Yesterday Senator Darragh O'Brien made the case for having a debate on pensions and I agree that we should have such a debate soon. If we do so, we will be able to cover a much wider area than would be possible otherwise.