Dáil Éireann Debate, Wednesday - 27 February 2013
81. Deputy David Stanton asked the Minister for Finance if he has considered introducing legislation to allow indebted persons with supplementary private pension coverage early access to a proportion of their retirement savings; and if he will make a statement on the matter. [4044/13]
Amharc ar fhreagraFinance Bill 2013 provides that persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits can 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 Any amounts withdrawn will be subject to tax at the individual’s marginal rate.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.
