Seán Haughey
Question:216 Mr. Haughey asked the Minister for Finance if advice will be given to holders of maturing SSIAs concerning tax re-investment and other issues; and if he will make a statement on the matter. [36415/05]
View answerTuesday, 29 November 2005
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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.
As regards re-investment advice, I refer the Deputy to yesterday's announcement by the financial regulator. The consumer director of the financial regulator will be producing information in the new year that will help people to make informed decisions about what to do with their SSIA money. In the meantime, the regulator's savings and investments guide, which outlines the different types of savings and investment options available may be obtained by phoning the consumer help-line on lo-call 1890 77 77 77, by visiting www.itsyourmoney.ie or by calling into the consumer information centre at 6-8 College Green, Dublin 2.
As the Deputy will appreciate, it is not the practice to comment in the lead up to the annual budget and Finance Bill on the intention or otherwise to make changes in taxation.