time type strange behaviour

I have the following table def.


CREATE TABLE periods
(
  periodid serial NOT NULL,
  periodnumber integer NOT NULL,
  periodstart time with time zone,
  periodend time with time zone,
  PRIMARY KEY (periodid)
)

This definition does not insert time zone. If I use without time zone
then the time zone is inserted.
If I input a time like: 01:05 AM then on select I get something like:
1970/01/01 01:05:00:00.
If I use without time zone, then I get the correct date,time and time
zone.
The postgres version is 8.1 and I am using psycopg through Zope.

I have date-style set to 'iso dmy'
What I want is to just have the time inserted. Any ideas?
regards
garry