Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

It has been brought to my attention that there were some difficulties. There is a little bit more than tidying up to be done but I do not expect it to change the drawdown very much.

The section also amends AVC access provision legislated for in the Finance Bill 2013 to address concerns that the existing override arrangements contained in the legislation may not give pension scheme trustees and PRSA administrators sufficient scope to allow such withdrawals where a trust scheme’s rules or a PRSA’s contract terms prohibit them. The amendment specifically provides that the AVC option may be exercised by an individual, notwithstanding the rules of the retirement benefit scheme or the terms of the PRSA contract concerned. The change applies to options exercised on or after 27 March 2013. It is a tweaking to deal with a difficulty that was brought to my attention.

The figure in question is over €100 million but it is hard to predict. As economic circumstances improve, people will be less inclined to drawdown AVCs and more inclined to make provision for their pensions. There are pluses and minuses to budgetary measures. We still believe we will end up the year with the tax take we predicted.