Dáil Éireann Debate, Tuesday - 25 October 2011
243 Deputy Nicky McFadden asked the Minister for Social Protection if she will consider the possibility of allowing unemployed persons who intend to emigrate to encash their accumulated funds in the private pension scheme to fund their travel and upkeep while abroad; and if she will make a statement on the matter. [31445/11]
View answerAs you are aware, pensions are a long-term investment aimed at ensuring that a person has an adequate income in retirement. Government policy supports this aspiration. However, under the provisions of the Pensions Act 1990, if a person with less than two years qualifying service leaves a pension scheme, they are entitled to a refund to the value of their own contributions less tax at the basic rate. The Pensions Act also provides that a person can transfer their pension rights to a scheme operated by their new employer or to a vehicle which is capable of accruing pension benefits. There are no proposals at present to amend the legislation to provide for further access to pension funds.
