Dáil Éireann Debate, Tuesday - 26 July 2022
328. Deputy Niall Collins asked the Minister for Finance if he can review correspondence (details supplied); and if he will provide an update on the issues raised therein; and if he will make a statement on the matter. [39814/22]
View answer353. Deputy Ged Nash asked the Minister for Finance his views on a policy issue raised by an organisation (details supplied) pertaining to one member pension arrangements; and if he will make a statement on the matter. [40239/22]
View answer359. Deputy Michael Creed asked the Minister for Finance if his attention has been drawn to the implications of a recent decision by the Pensions Authority to suspend the provision of one member pensions and the implications that this has for consumers given the fact that there are no suitable alternative savings vehicles yet in place; if he will consider extending the deadline for compliance with the IORP 11 for these schemes for six months from 1 July to 1 January 2023 given the circumstances; if he will allow time for proposed changes to be made to the PRSA referenced in the report of the Interdepartmental Pensions Reform and Taxation Group in November 2020; and if he will make a statement on the matter. [40347/22]
View answer375. Deputy Catherine Murphy asked the Minister for Finance if he will clarify the position in respect of one member pension arrangements; if he has engaged with the Pensions Authority in respect of extending the deadline for compliance (details supplied) [40666/22]
View answer381. Deputy Sean Sherlock asked the Minister for Finance if he is satisfied that the deadline for compliance with the European Union Directive on the activities and supervision of institutions for occupational retirement provision II for one member pensions arrangements is attainable; and if an extended deadline is being considered. [40844/22]
View answer384. Deputy Niamh Smyth asked the Minister for Finance if he will review correspondence (details supplied); and if he will make a statement on the matter. [40920/22]
View answer450. Deputy Ruairí Ó Murchú asked the Minister for Finance if he will consider a derogation on the benefit-in-kind tax on personal retirement savings account pension schemes; and if he will make a statement on the matter. [41880/22]
View answer451. Deputy Ruairí Ó Murchú asked the Minister for Finance if his attention has been drawn to the benefit-in-kind tax implications on employees paying into personal retirement savings account pension schemes from1 July 2022; and if he will make a statement on the matter. [41882/22]
View answer452. Deputy Ruairí Ó Murchú asked the Minister for Finance his plans to update the personal retirement savings account pension scheme; and if he will make a statement on the matter. [41883/22]
View answerI propose to take Questions Nos. 328, 353, 359, 375, 381, 384, and 450 to 452, inclusive, together.
IORP II sets out minimum standards for the management and supervision of pension schemes, with the objective of ensuring the soundness of occupational pensions and better protections for scheme members and beneficiaries across the European Union. IORP II requirements were transposed into Irish law by way of the European Union (Occupational Pension Schemes) Regulations 2021 (S.I. No. 128 of 2021) which came into force on 22nd April 2021.
Implementation of IORP II and related policy which seeks to improve the governance and supervision of occupation schemes, ultimately benefiting pension savers, is a matter for the Pension Authority, an independent statutory body which is the Regulator for pensions in Ireland, and the Department of Social Protection, as the policy lead department in relation to such matters.
Accordingly, it would be inappropriate for the Minister for Finance to interfere in the supervision of compliance with the provisions of the 1990 Pensions Act or to direct the Pensions Authority to extend any IORP II related compliance deadline. Furthermore, IORP II requires Member States to ensure that competent authorities, such as the Pensions Authority, conduct their tasks in a transparent, independent and accountable manner.
Separately, the Report of the Interdepartmental Pensions Reform and Taxation Group (IDPRTG) published in late 2020 set out a number of measures to aid in the harmonisation and simplification of supplemental pensions. One of these relates to the abolition of the differential treatment of PRSAs for funding purposes, and the BIK treatment of employer contributions to PRSAs.
This Group comprising officials from the relevant Departments and organisations reconvened in 2021 to consider implementation of the various recommendations. A package of tax-related measures were enacted in the Finance Act 2021.
The Group continues its work to bring about further reforms of the supplemental pension landscape with a view to bringing more of these to legislative effect during 2022. Accordingly, a number of proposals from the Report are currently being worked on, some of which are technical in nature and others which have wider policy implications necessitating careful consideration through the normal policy channels. As you will be aware, any measures requiring legislative change would be subject to Government's and subsequently parliamentary approval, and there can be no guarantees until the relevant Bill is signed into law and enacted.
