Vol. 494 No. 5
55 Proinsias De Rossa asked the Minister for Social, Community and Family Affairs the progress, if any, made with regard to the implementation of the recommendations of the national pensions policy initiative; and if he will make a statement on the matter. [18681/98]
As the Deputy is aware, the Pensions Board report on the National Pensions Policy Initiative is a comprehensive and detailed document and, while some of the recommendations can be easily implemented, others require in-depth examination of the many issues raised therein.
I am pleased to be able to report progress on a number of the key findings of the comprehensive report from the Pensions Board on the National Pensions Policy Initiative, Securing Retirement Income. Working groups have been set up:
(a) to examine fully the recommendation for an explicit fund to minimise the additional, future costs of social welfare pensions. This working group comprises representatives of the relevant Departments and a report is expected before the end of this year.
(b) to progress the recommendation to increase second pillar coverage and the mechanism suggested for achieving this — namely, the Personal Retirement Savings Accounts. The Government has accepted this finding, in principle, and the working group is currently examining the issues involved with a view to appropriate legislation being introduced.
(c) to further examine and advance the proposals to introduce a simplified and more flexible tax regime for pensions. Again, this was also accepted, in principle, by the Government and the third working group is considering this matter with a view to making the necessary legislative changes. This group is also exploring the issue of an earnings cap in relation to tax relief on pensions and issues relating to annuity purchase.
