Michael McGrath
Question:129. Deputy Michael McGrath asked the Minister for Finance the yield in 2014 from allowing persons early access to pension as provided for in budget 2013; and if he will make a statement on the matter. [5373/15]
View answerDáil Éireann Debate, Thursday - 5 February 2015
129. Deputy Michael McGrath asked the Minister for Finance the yield in 2014 from allowing persons early access to pension as provided for in budget 2013; and if he will make a statement on the matter. [5373/15]
View answerI am informed by the Revenue Commissioners that up to 30 September 2014, 12,104 individuals have availed of the option provided under section 782A of the Taxes Consolidation Act 1997 (as inserted by the Finance Act 2013) to access, before retirement, up to 30% of their Additional Voluntary Contributions (AVCs) with the amount withdrawn being subject to income tax (the withdrawals are exempt from the Universal Social Charge and PRSI). Up to 30 September 2014 the funds withdrawn under this option amount to about €94 million and income tax of about €37 million has been paid. The table shows the relevant amounts (rounded to the nearest €million) in respect of 2013 and 2014 (up to 30 September).
Year |
Number of Individuals |
Gross Amount withdrawn |
Income Tax paid |
Net payments after tax |
2013 |
9,179 |
€66 million |
€26 million |
€40 million |
2014 (to 30/9/14) |
2,925 |
€28 million |
€11 million |
€17 million |
The data for the end- December 2014 quarter is being collated by the Revenue Commissioners and will be available shortly.