Dáil Éireann Debate, Wednesday - 27 April 2005
102 Mr. Stanton asked the Minister for Finance if there has been an increase in the rate of payment into SSIAs such as to cause him to revise his estimate of the cumulative cost to the Exchequer of the concession; the extent of the increase; and his latest estimate of the cumulative cost and cumulative pay out at maturity. [13298/05]
Amharc ar fhreagraThe budget estimate of the cost of the SSIA scheme to the Exchequer in 2005 was €560 million. Any increase in payments into SSIAs has been small and there is no reason at present to expect a substantially higher outturn. Our latest estimate, based on the average tax credit payout in the first three months of 2005, is €572 million.
As indicated in replies to previous questions, it is not possible to give a definitive answer as to the eventual overall cost of the scheme as it is subject to a number of variables, such as participants dying, withdrawing from the scheme or varying their monthly contributions. The total gross cost over the period of the scheme will be reduced by the exit tax to be received at the end.
