Tuesday, 2 July 2013

Questions (116)

Willie O'Dea

Question:

116. Deputy Willie O'Dea asked the Minister for Finance if he has revised the projected savings from a cap on the tax relief for pensions generating an income of €60,000; and if he will make a statement on the matter. [31925/13]

View answer

Written answers (Question to Finance)

In my Budget 2013 speech, I announced that changes to give effect to the commitment in the Programme for Government to cap taxpayers’ subsidies for pension schemes which deliver pension income of more than €60,000 will be put in place in 2014. An examination of the various options for change is continuing.

An estimated full year saving of €250 million was provided for in respect of these changes, as outlined on page A 10 of the Budget 2013 booklet. The Budget 2013 booklet makes clear, however, that the savings figure is provisional as further detailed analysis of the necessary changes and their impact would be required. This detailed analysis is ongoing.