I'd like to thank my colleague the Hon Kris Faafoi for introducing this important addition to this bill, and to Tim and Joan for advocating for this change, which will improve the retirement years of many Kiwis. I'm also pleased that this bill contains provisions to allow Inland Revenue to refund investors who have paid too much tax on income from their portfolio investment entities, or their PIEs, as they're known. The ongoing simplification of the tax system now allows Inland Revenue to see more clearly when a person is on the wrong tax rate. When investors are on an incorrect prescribed investor rate—or a PIR—too much or too little tax can be paid. There has been no provision under current legislation to allow refunds to people who have paid too much tax on their PIE income. And this Government is about fairness. That's why we're making these changes. I'm pleased to be able to inform the House that this bill sets that right.