Tuesday, 13 May 2014

Questions (183)

Michael McGrath

Question:

183. Deputy Michael McGrath asked the Minister for Finance the number of persons who received tax relief on pension contributions in 2012 and 2013; the total tax expenditure associated with pension tax relief in each year; the average level of relief received; and if he will make a statement on the matter. [21111/14]

View answer

Written answers (Question to Finance)

I am informed by the Revenue Commissioners that detailed data in respect of the tax year 2012 are currently being processed and will be available in due course, while data in respect of 2013 are still in the process of being collected or are not required to be returned until later this year.

Information on tax expenditure associated with tax relief on pension contributions in respect of 2011 is provided in the following table. As regards the number of individuals availing of pension tax relief, it should be borne in mind that the same individuals may be included in more than one category in some cases. In addition, the data on contributions to occupational pension schemes are only required to be provided on an aggregate basis by employers.

Estimate of the cost of tax and PRSI reliefs for private pension provision 2011

-

Estimated costs €million

Estimated numbers

Employees' Contributions to approved Superannuation Schemes (Occupational Pension schemes)

584

636,000

Employers' Contributions to approved Superannuation Schemes (Occupational Pension schemes)

142

310,000

Estimated cost of exemption of employers' contributions from employee BIK

532

310,000

Retirement Annuity Contracts (RACs)

164

79,000

Personal Retirement Savings Accounts (PRSAs)

72

58,000