Terence Flanagan
Ceist:104. Deputy Terence Flanagan asked the Minister for Finance the position regarding tax relief on pensions (details supplied); and if he will make a statement on the matter. [57976/12]
Amharc ar fhreagraWednesday, 16 January 2013
Ceisteanna (104)
Freagraí scríofa
In my Budget 2013 speech, I announced that changes to the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold - SFT) and other possible changes to give effect to the commitment in the Programme for Government to cap taxpayers’ subsidies for pension schemes which deliver pension income of more than €60,000 will be put in place in 2014.
The existing SFT regime applies across all pension arrangements in the private and public sectors and a number of significant and fundamental changes to the current regime may be required in order to deliver on the decision announced in the Budget. Among the various issues which will be considered, are the different impacts of the SFT as between Defined Contribution and Defined Benefit pension arrangements. In addition, alternatives to the use of the SFT regime to deliver on the Government’s commitment will also be explored.