Dáil Éireann Debate, Wednesday - 23 January 2013
70. Deputy Shane Ross asked the Minister for Finance if he will allow those in financial difficulty who have contributed to a personal pension to be allowed to draw down from those pensions before they reach maturity; and if he will make a statement on the matter. [3174/13]
Amharc ar fhreagraIn my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for 3 years from the passing of the Finance Bill. This is a restricted measure which will enable rather than incentivize certain individuals to access part of their pension savings beyond their regular or compulsory pension contributions. I do not wish to damage future pension provision and it is important that individuals continue to provide for their retirement. For these reasons, I have no plans to extend the measure beyond AVCs.
