Michael Healy-Rae
Question:156. Deputy Michael Healy-Rae asked the Minister for Finance the take up of access to discretionary pension contributions; the figures to date; and if he will make a statement on the matter. [41947/13]
View answerTuesday, 8 October 2013
Questions (156)
Written answers
Finance Act 2013 provided members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 during which they could opt to draw down, on a once off basis, up to 30% of the accumulated value of additional voluntary contributions (AVCs). Administrators of AVC funds (including PRSA administrators) are required to provide, within 15 working days of the end of each quarter, commencing with the quarter ending on 30 June 2013, certain statistical information to Revenue in relation to AVC pre-retirement transfers or encashments made during the quarter in question.
I am advised by Revenue that the returns for the first quarter ended 30 June 2013 are as follows:
|
Transfers |
No./€ |
|
Number of transfers made |
3,949 |
|
The aggregate value of the transfers made |
€27,439,465 |
|
The tax deducted from the aggregate value of the transfers made |
€10,822,070 |
It is too early at this stage to comment on the outturn for the year.