Pensions tax - Disgraceful climbdown

Last year, Finance Minister Michael Noonan said that Government would be cutting back next year on pension tax relief on contributions to pensions of over €60,000 a year.

This was purportedly going to benefit the exchequer by around €250m a year, but it seems this was more than double the likely figure.

Now, the changes are only going to apply to pensions of over €100,000 a year. If the measure was considered fair in the first place, surely the fact it will not raise as much as expected is not grounds for abandoning it.