In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for three years from the passing of the Finance Bill. This is a measure which will enable rather than incentivise individuals to access certain pension savings prior to retirement as I would also wish that people continue to provide for their retirement. As a result, the estimated Exchequer yield of €200 million over three years is conservative and is based on the assumption that 10% of the value of funded AVCs used to supplement retirement benefits (estimated at about €5.5 billion) will be drawn down over the period with half of that amount being drawn down in the first year.