Dáil Éireann Debate, Tuesday - 28 November 2017
126. Deputy Michael McGrath asked the Minister for Finance the status of an application for approval from the Revenue Commissioners for a legacy pension for a person (details supplied) in County Cork to be transferred in order to allow the setting up of a personal retirement bond. [50476/17]
Amharc ar fhreagraI am advised by Revenue that a response to this request issued to the administrator of the pension fund on 23rd November 2017.
From the information received, it appears that the person concerned was employed by two companies within the same Group. However, there was no break in employment within the Group or service for the purposes of the individual’s pension rights. Even though the person was employed by a number of companies in the Group the principal employer for the purpose of the pension scheme remained the same.
The person concerned has since 2016 resumed employment with a company within the Group. However the principal employer for the purpose of this pension plan is the same as the one he was previously a member of. Essentially, this means that the individual has become a member of a pension scheme sponsored by his current employer, having previously been a member of another pension scheme also sponsored by the same employer company.
There is no provision in pension tax legislation to allow what is called a “split transfer” in these circumstances. In other words, it is not permitted for an individual to transfer part of his pension fund to an entirely separate pension arrangement, such as a Personal Retirement Bond.
