Dáil Éireann Debate, Wednesday - 16 January 2013
107. Deputy Terence Flanagan asked the Minister for Finance the total level of private sector pension contributions for each of the past five years 2007-2011 as disclosed to him by industry bodies; and if he will make a statement on the matter. [57983/12]
View answerI am advised by the Revenue Commissioners that the relevant information they have in this area is in respect of the amounts of contributions to various pension arrangements for which income tax and corporation tax relief is claimed and relates to contributions in relation to both the public and private sectors. The information is in respect of contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) by self-employed individuals and employees in non-pensionable employment and also contributions by employees and employers via payrolls to occupational pension schemes and PRSAs. Contributions by companies on behalf of their employees are included in the figures provided by employers and these figures are derived from the annual P35 returns made by employers to the Revenue Commissioners. The total aggregated amounts of all contributions for the years 2007 to 2011 (rounded to the nearest € million) are included in the following table. It should be noted that the figures in the table for the most recent years are provisional and are subject to revision.
|
Tax Year |
Contributions to RACs and PRSAs* €m |
Contributions by Employees to Occupational Pension Schemes €m |
Contributions by Employers to Occupational Pension Schemes and PRSAs on behalf of their Employees €m |
Total €m |
|
2007 |
1,244 4,262 |
1,555 |
1,463 |
4,262 |
|
2008 |
1,145 4,468 |
1,719 |
1,604 |
4,468 |
|
2009 |
872 3,927 |
1,549 |
1,506 |
3,927 |
|
2010 |
707 3,672 |
1,575 |
1,390 |
3,672 |
|
2011 |
Not Available Not Available |
1,519 |
1,438 |
Not Available |
* The information on RACs and PRSAs is based on income tax returns on Revenue records at the time the data were compiled for analytical purposes, representing approximately between 85% and 95% of all returns expected, depending on when the data was extracted for each year. As is done for the purpose of compiling annual estimates of cost to the Exchequer, these basic figures are, in accordance with normal practice, grossed-up at aggregate level to adjust for the perceived level of incompleteness. Information in relation to RACs and PRSAs for the tax year 2011 is not yet available as the returns have not yet been fully processed.
