Joan Burton
Ceist:162 Ms Burton asked the Minister for Finance the number of maturing SSIA accounts; the amounts estimated to be paid out each month; and the average payout per maturing account per month. [28416/04]
Amharc ar fhreagraWednesday, 10 November 2004
Ceisteanna (115)
Freagraí scríofa
The SSIA scheme opened on 1 May 2001 and entry to it closed on 30 April 2002. The accounts are due to mature between May 2006 and April 2007 at the end of the five year period. I am informed by the Revenue Commissioners that, based on the analysis of the 2003 returns furnished by all qualifying savings managers, the total number of active accounts at 31 December 2003 was 1,113,880. The cumulative gross value of subscriptions and associated tax credits to end 2003 was €5.52 billion. This gross figure is inclusive of €57 million in respect of funds that have been withdrawn from accounts, funds in accounts that have been ceased and funds in accounts that have matured, that is, where the account holder died, during the years 2001 to 2003.
I do not wish to speculate on the amounts estimated to be paid out on maturation of the scheme in 2006 and 2007, as the scheme does not commence to mature for another one and a half years and a number of variables is involved. These include participants withdrawing from the scheme or varying their monthly contributions between now and the end of the scheme; the eventual accrued investment return; and the eventual amount of exit tax to be received at the end.