I propose to take Questions Nos. 101, 102 and 128 together.
As regards the first question, I am informed by the Revenue Commissioners, that as there is no requirement to include data in tax returns in relation to tax free lumps of less than €200,000 (the current life-time limit on tax-free retirement lump sums), that they are not in a position to quantify estimated savings to the Exchequer in the event of the reduction of the tax free lump sum entitlement to €80,000.
Regarding the second question, an annual imputed distribution rate of 4% or 5% applies, as appropriate, to approved retirement funds (ARFs) with asset values of €2 million or less and also to vested Personal Retirement Savings Accounts (PRSAs where benefits have commenced) on the same basis. A higher imputed distribution rate of 6% applies to ARFs and/or vested PRSAs with asset values of more than €2 million. I assume the Deputy is suggesting an increase in the imputed distribution from 6% to 7% for ARFs and/or vested PRSAs of more than €2 million in value and an increase from 4% or 5%, as appropriate, to 6% where the asset values are less than €2 million. I am informed by the Revenue Commissioners that information provided to them in the context of the tax paid on these deemed or imputed distributions does not include information on the value of the ARFs and/or vested PRSAs out of which the distributions are deemed to arise. There is therefore no basis on which a definitive estimate of the impact on the Exchequer of the change mentioned in the question could be compiled. It is important to note that the deemed or imputed distribution measure is designed to encourage drawdowns from ARFs and vested PRSAs so that they are used, as intended, to fund a stream of income in retirement in the same way as a retirement annuity, for which ARFs are supposed to operate as a more flexible alternative. The measure, in itself, does not give rise to significant tax revenues as it does not apply to actual draw-downs from ARFs and vested PRSAs, which are taxed in the normal way.
Regarding the final question, I am informed by the Revenue Commissioners that data on employer contributions to pension schemes and other pension arrangements are supplied to them in aggregate form and do not provide a sufficient basis to provide a reliable estimate of any tax saving in the terms set out in the question.