Wednesday, 20 November 2019

Questions (78, 79)

Michael McGrath

Question:

78. Deputy Michael McGrath asked the Minister for Finance his plans to extend the legal framework for approved retirement funds to allow pension schemes to provide ARFs under the regulation of the Pensions Authority. [47900/19]

View answer

Michael McGrath

Question:

79. Deputy Michael McGrath asked the Minister for Finance his plans to allow pension schemes approved by the Pensions Authority to offer retiring members of defined contribution schemes, scheme controlled ARFs; and if he will make a statement on the matter. [47901/19]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 78 and 79 together.

The Interdepartmental Pensions Reform and Taxation Group (IDPRTG) is chaired by the Department of Finance and includes members from the Departments of Public Expenditure and Reform (DPER); Employment Affairs and Social Protection (DEASP); the Revenue Commissioners and the Pensions Authority. The Group was tasked with a number of actions from the Government's Roadmap for Pensions Reform 2018-2023 and has prepared a draft report on various pensions matters, including inter alia a review of Approved Retirement Funds.

The Group have prepared a report which represents a significant piece of work in this broad policy area and this report has very recently been submitted to me. As this is a complex and detailed piece of work, I will have to carefully consider its contents before taking any decisions on these matters.