Vol. 532 No. 2
129 Mr. Kenny asked the Minister for Finance if, in respect of requests from active retirement associations, he will reduce the proposed five year cycle for the new savings scheme to three years in view of the age and circumstances of those involved in active retirement associations; and if he will make a statement on the matter. [7129/01]
The new savings scheme that I have proposed is deliberately and specifically designed to encourage people to save on a regular basis for a reasonable period of time. Because of the generous Exchequer incentive being offered – a contribution of £1 for every £4 saved by an individual – it was considered that, as a quid pro quo, a period of at least five years' savings by an individual was the minimum acceptable. I would therefore not be in favour of reducing this five year period for any category of saver.
