Joanna Tuffy
Question:66. Deputy Joanna Tuffy asked the Minister for Finance if hhe will provide an update on the changes in budget 2013 that affect AVCs; and if he will make a statement on the matter. [3513/13]
View answerThursday, 24 January 2013
Questions (66)
Written answers
In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making additional voluntary contributions 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 Any amounts withdrawn will be subject to tax at the individual’s marginal rate.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 three years from the passing of the 2013 Finance Bill which is expected to become law in early April at the latest. This is a restricted measure which will enable rather than incentivise 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.