Dáil Éireann Debate, Wednesday - 16 January 2013
102. Deputy Eoghan Murphy asked the Minister for Finance his plans to allow self-employed persons to have access to their pension funds in the same way that those who have made voluntary contributions to their pensions; and if he will make a statement on the matter. [57934/12]
View answer117. Deputy Dara Murphy asked the Minister for Finance if it is possible to include a personal pension under the new guidelines on early pension release of 30% in Budget 2012; and if he will make a statement on the matter. [58105/12]
View answer173. Deputy Robert Dowds asked the Minister for Finance if there is any provision in the recent changes to pensions to allow self employed people to withdraw money from their pensions ahead of schedule; and if not, if he will state whether he is considering such a provision. [1634/13]
View answer202. Deputy Olivia Mitchell asked the Minister for Finance the reason the early access to pension funds as announced in Budget 2013 is limited insofar as it applied only to funded additional voluntary contributions; if he will consider including personal pensions going into the future; and if he will make a statement on the matter. [1874/13]
View answerI propose to take Questions Nos. 102, 117, 173 and 202 together.
In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for 3 years from the passing of the Finance Bill.
This is a restricted measure which will enable rather than incentivize certain individuals to access part of their pension savings beyond their regular or compulsory pension contributions. I do not wish to damage future pension provision and it is important that individuals continue to provide for their retirement. For these reasons, I have no plans to extend the measure beyond AVCs.
