Dáil Éireann Debate, Tuesday - 12 June 2018
200. Deputy Thomas P. Broughan asked the Minister for Finance his views on tax relief for pension contributions; when his Department's working group on this issue will report to Dáil Éireann; and if he will make a statement on the matter. [24388/18]
Amharc ar fhreagraThe State encourages individuals to save for retirement by offering tax incentives when saving for a pension. Subject to certain restrictions, relief is provided on eligible contributions and the investment income and capital gains of a pension scheme or fund are exempt from income and capital gains tax.
Under the Government’s Roadmap for Pensions Reform 2018-2023 a number of specific actions have been allocated to the Interdepartmental Pensions Reform and Taxation Group (IDPRTG). The IDPRTG is chaired by the Department of Finance and includes representatives from this Department as well as from the Department of Public Expenditure & Reform, the Department of Employment Affairs & Social Protection, Revenue and the Pensions Authority.
Among the actions assigned to the IDPRTG is Action 3.13, which provides for a review of the cost of funded supplementary pensions to the Exchequer in the context of the development of a new auto-enrolment scheme.
The IDPRTG is currently considering this issue along with all other actions allocated to it and is expected to report on this matter by end Q3 2018. As Minister for Finance, tax policy is a matter for me and my Department, and as such, the work of the IDPRTG will be considered in that context.
