Seán Ryan
Question:49 Mr. S. Ryan asked the Minister for Social, Community and Family Affairs when he expects the personal retirement savings accounts to commence; and if his target date is still January 2002. [20114/01]
Written Answers. - Personal Savings Accounts.
Following agreement at Cabinet yesterday, I plan to publish the Pensions (Amendment) Bill, 2001, later this month. One of the key features of the legislation is the provision of a legislative framework for the introduction of personal retirement savings accounts, PRSAs, to facilitate increased savings for pensions and to provide a vehicle to extend supplementary pensions coverage overall, especially to people who have no such cover at present.
At this stage it is not possible to be definitive about the commencement date for PRSAs as this will depend on enactment of the legislation. However, I would hope that these will be available very early in 2002.