Michael McGrath
Question:52. Deputy Michael McGrath asked the Minister for Finance the yield in 2013 from allowing persons early access to pension as provided for in budget 2013; and if he will make a statement on the matter. [14642/14]
View answerThursday, 27 March 2014
Questions (52, 53)
Michael McGrath
Question:53. Deputy Michael McGrath asked the Minister for Finance the revenue raised from the pension levy in 2013; and if he will make a statement on the matter. [14643/14]
View answerWritten answers
I propose to take Questions Nos. 52 and 53 together.
Finance Act 2013 provides members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 during which they can opt to draw down, on a once off basis, up to 30% of the accumulated value of Additional Voluntary Contributions (AVCs). This provision includes additional voluntary contributions made to Personal Retirement Savings Accounts (PRSAs).
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 and PRSA pre-retirement transfers or encashments made during the quarter in question.
The tax deducted from aggregate value of transfers made for the quarters ending 30 June 2013, 30 September 2013 and 31 December 2013 was €25,763,157. There is no update available for 2014, as the statistical information for the quarter ended 31 March 2014 is not required to be submitted until April 2014.
In relation to the second question, I assume that the Deputy is referring to the stamp duty levy on pension fund assets, introduced in the Finance (No. 2) Act 2011. I am informed by the Revenue Commissioners that the estimated revenue raised from this levy in 2013 amounted to €535.3 million.