Dáil Éireann Debate, Tuesday - 30 June 2015
250. Deputy Peadar Tóibín asked the Minister for Finance the revenue that would be generated from a reduction of the pension fund allowable for tax purposes on retirement from €2.3 million to €1.2 million. [26038/15]
Amharc ar fhreagraThe Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million in 2010 and further reduced in Budget 2014 and Finance (No 2) Act 2013 to €2 million with effect from 1 January 2014.
Information on the numbers and values of individual pension funds or on individual accrued benefits in pension schemes are not generally required to be supplied to either the Revenue Commissioners or to my Department by the administrators of pension schemes and personal pension arrangements. There is, therefore, no underlying data readily available on which to base reliable estimates of the savings that would arise specifically from a reduction to the SFT of the scale envisaged in the question.
