Dáil Éireann Debate, Tuesday - 2 April 2019
534. Deputy Aengus Ó Snodaigh asked the Minister for Employment Affairs and Social Protection if a person on jobseeker's allowance can continue to pay into a private pension scheme he or she enrolled in while in full-time employment; and if the pension value is regarded as means even though the person has no access to those funds until the pension has matured. [14887/19]
Amharc ar fhreagraJobseekers Allowance is one of a range of means-tested social assistance schemes, where account is taken of the income and the value of capital, including shares, of the claimant and his or her spouse/ partner.
The general rule for assessment of pension funds or annuities is that money invested in a pension fund is not assessable for means purposes if it is not accessible to the claimant. However, this must specifically be a pension fund, and not a general savings account being used by the claimant as savings for their retirement.
The value of any cash otherwise available from a pension fund is assessed on the basis of the capital valuation of that fund and any regular pension payments received are treated as income for means purposes.
When assessing income from earnings, social welfare legislation provides for various payments to be deducted from gross earnings for means assessment purposes including: PRSI contributions, payments to a trade union, and superannuation contributions, such as additional voluntary contributions (AVCs) and personal retirement savings accounts (PRSAs).
I hope this clarifies the matter for the Deputy.
