I propose to take Questions Nos. 143 and 144 together.
I am advised by Revenue that there is no requirement for information to be included in tax returns in relation to lump sums of less than €200,000, which is the current life-time limit on tax-free retirement lump sums. Therefore, there is no data available that could be used as the basis for an estimate of the savings from the changes outlined by the Deputy.
The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes, which was introduced in Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million; it was subsequently reduced to €2.3 million with effect from 7 December 2010, and further reduced to €2 million with effect from 1 January 2014.
I am advised by Revenue that information on the numbers and values of individual pension funds or on individual accrued benefits are not generally required to be provided to Revenue by the administrators of pension schemes and personal pension arrangements. Therefore, there is no underlying data available to Revenue on which to base reliable estimates of the savings that would arise from the proposed change to the SFT threshold.