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Pension Provisions

Dáil Éireann Debate, Tuesday - 6 July 2021

Tuesday, 6 July 2021

Questions (179)

Richard Bruton

Question:

179. Deputy Richard Bruton asked the Minister for Finance if the rules governing restricted access to pension funds until age 75 years even in the face of serious illness will be reviewed as part of the proposed Commission on Taxation and Welfare; and if he will make a statement on the matter. [36237/21]

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Written answers

The Commission on Taxation and Welfare has been established to independently consider how best the taxation and welfare systems can support economic activity and promote increased employment and prosperity. This is while ensuring that there are sufficient resources available to meet the costs of the public services and supports in the medium and longer term.

The terms of reference for the Commission were published in April 2021 and Commission members have been asked to consider a wide range of issues including aging demographics, digital disruption and automation and the long-term strategic commitments of Government regarding health, housing, and climate. They will also have regard to the principles of taxation and welfare policy outlined within the Programme for Government, including the Government’s commitment to a pro-enterprise policy framework, by providing a stable and sustainable regulatory and tax environment.

The Commission has been specifically asked to consider the output from the Pensions Commission regarding sustainability and eligibility issues in respect of State Pension arrangements. The Terms of Reference do not include consideration of private pension arrangements however the full scope of this work will ultimately be a matter for the Commission members to decide in due course.

The Report of the Interdepartmental Pensions Reform and Taxation Group was published in November 2020 on my Department’s website, which contains a discussion about private pension arrangements, including matters pertaining to restricted access to approved minimum retirement funds (AMRFs).

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