Pearse Doherty
Question:86. Deputy Pearse Doherty asked the Minister for Finance the revenue that would be raised for the Exchequer by reducing the earnings cap for pension contributions from €115,000 to €60,000. [29501/15]
View answerWednesday, 15 July 2015
Questions (86, 104, 105, 106, 107)
Pearse Doherty
Question:104. Deputy Pearse Doherty asked the Minister for Finance the revenue that would be generated through the abolition of tax relief for employer pension contributions to employee pension funds. [29521/15]
View answerPearse Doherty
Question:105. Deputy Pearse Doherty asked the Minister for Finance the value of employer pension contributions to employee pension schemes in 2014. [29522/15]
View answerPearse Doherty
Question:106. Deputy Pearse Doherty asked the Minister for Finance the value of employee pension contributions to their pension schemes in 2014. [29523/15]
View answerPearse Doherty
Question:107. Deputy Pearse Doherty asked the Minister for Finance the revenue that would be generated by capping employer pension contributions at €60,000 per employee. [29524/15]
View answerWritten answers
I propose to take Questions Nos. 86 and 104 to 107, inclusive, together.
Regarding the first question, I am informed by Revenue that, based on the latest information available, a reduction of the €115,000 ceiling to €60,000 per annum on the annual earnings limit for determining maximum allowable pension contributions for pension purposes, is tentatively estimated to yield in the region of €135 million.
Regarding the second question, I am informed by Revenue that in 2013, the latest year for which data are available, the cost to the Exchequer of tax relief for employer pension contributions to employee pension funds, was in the order of €133 million.
Regarding the third question, I am informed by Revenue that the overall value of employer pension contributions in 2014 is estimated to be in the order of €1.38 billion. This total figure includes employer contributions to both Occupational Pensions and Personal Retirement Savings Accounts.
Regarding the fourth question, I am informed by Revenue that the overall value of employee pension contributions in 2014 is estimated to be in the order of €1.5 billion. This total figure includes employee contributions to Occupational Pensions, Retirement Annuity Contracts and Personal Retirement Savings Accounts.
Regarding the final question, I am informed by Revenue 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.
Question No. 87 answered with Question No. 84.