Dáil Éireann Debate, Tuesday - 9 July 2013
179. Deputy Paschal Donohoe asked the Minister for Finance his views on allowing, in Budget 2014, persons access up to 30% of their pension scheme akin to the AVC measure adopted in Budget 2013; and if he will make a statement on the matter. [33453/13]
View answerFinance Act 2013 was passed into law on 27th March and section 17 of the Act, which makes provision for pre-retirement access to AVCs, has effect from that date. Section 17 introduces a new section 782A into the Taxes Consolidation Act 1997 which provides members of occupational pension schemes with a three-year window of opportunity to draw down, on a once-off basis, up to 30% of the accumulated value of certain AVCs made by them, including additional voluntary PRSA contributions made to AVC PRSAs. This is a restricted measure which enables rather than incentivises 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.
