Madam, – We will raid private-sector workers’ pension savings. Then we will create 6,000 jobs filling potholes, fixing leaks in schools and putting wool in our attics. Following this, we will put thousands of high-skilled financial services jobs in jeopardy and cut pensioners’ incomes. An ingenious initiative, Mr Noonan! – Yours, etc,
Madam, – The proposed new private pension levy is targeted at those for whom it is hardest to make pension provision: those, like me, on a defined contribution plan. People on defined benefit plans, whether in the public sector or the private sector, will not see any reduction in their already generous pensions. It is only those of us on defined contribution pensions who will be directly hit: the very people who already need to put aside a far higher proportion of their incomes to provide for even a more modest pension. Surely the gross inequity should be obvious to all our elected representatives.
Finally, I am concerned that this is a new departure in taxation. The Government is proposing to levy savings themselves rather than earnings on savings. What’s next? Does it propose to dip into our deposit accounts? I think the proposal can only encourage people to move their savings offshore, causing greater problems for our banks. – Yours, etc,
Madam, – The Government has raided the National Pension Reserve Fund and the pension funds of semi-State bodies. It is now moving on to the private pension funds. Future generations of pensioners will suffer for that. “No country for old men”? – Yours, etc,
Madam, – I read with interest Micheál Martin’s criticisms of the Government’s jobs initiative (Home News, May 11th), which is specifically designed to stimulate the economy and create jobs. Instead of criticising this plan, perhaps Mr Martin and Fianna Fáil could better focus their energy on issues that they have a little more expertise in and maybe even draft an initiative of their own. Might I suggest a jobs destruction programme? – Yours, etc,