Jack Wall
Question:74 Mr. Wall asked the Minister for Finance if he has plans to offer guidance and advice to investors in the SSIAs when the accounts mature in 2006; and if he will make a statement on the matter. [29868/04]
View answerTuesday, 23 November 2004
Questions (25)
Written answers
The SSIA scheme opened on 1 May 2001 and entry to it closed on 30 April 2002. The accounts are due to mature between May 2006 and April 2007 at the end of the five year period. A total of 1.17 million accounts were opened during the period outlined.
The specific goal of the SSIA scheme was to encourage people to save over a period of at least five years. Its effect has been to stimulate such savings over varying income ranges which is evident in the extensive take-up by many low income earners. The scheme has been a success in those terms. The scheme has a specific duration.
The use to which the moneys arising on maturity of the SSIAs is put is ultimately a matter for the individual account holder.