Michael McGrath
Question:88. Deputy Michael McGrath asked the Minister for Finance the number of approved retirement funds here in each of the years 2011 to 2016; and if he will make a statement on the matter. [30866/17]
View answerTuesday, 4 July 2017
Questions (88, 89, 90, 91)
Michael McGrath
Question:89. Deputy Michael McGrath asked the Minister for Finance the tax yield from approved retirement funds in each of the years 2011 to 2016; and if he will make a statement on the matter. [30867/17]
View answerMichael McGrath
Question:90. Deputy Michael McGrath asked the Minister for Finance the number of cases in which life assurance exit tax was applied in each of the years 2011 to 2016; and if he will make a statement on the matter. [30868/17]
View answerMichael McGrath
Question:91. Deputy Michael McGrath asked the Minister for Finance the number of life policies to which the 1% levy was applied in each of the years 2011 to 2016; and if he will make a statement on the matter. [30869/17]
View answerWritten answers
I propose to take Questions Nos. 88 to 91, inclusive, together.
As regards Questions 88 and 89, Approved Retirement Funds (ARFs) are investment vehicles into which the proceeds of the pension savings of the self-employed, business owners and any individual with Defined Contribution pension arrangements may be invested at retirement, subject to conditions. Beneficial ownership of the assets in an ARF vests in the individual owner of the ARF and, among other conditions, the ARF must be managed by a Qualifying Fund Manager. The ARF option is an alternative to annuity purchase and essentially gives control over post-retirement income to those individuals who, generally, have borne the investment risk on their funds in the pension growth phase.
I am informed by Revenue that, as –
- there is no requirement in tax law on Qualifying Fund Managers to provide data of the kind requested in respect of approved retirement funds,
- there is no requirement in tax law on life assurance companies to provide information to Revenue in respect the number of cases on which Life Assurance Exit Tax (LAET) was applied, and
- there is no requirement in tax law for life companies to provide details of the number of policies subject to the 1% levy,
I am not in a position to provide the information requested.