Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The situation with the imputed tax is that if one draws down the benefits, one will have to pay the tax. The legislation provides that if a person does not draw down the benefits because he or she has other income from other sources and does not need to draw down the benefit and the intention is to pass it on to the family either tax free or as a sum more generous than transferring cash from one account to another, regardless of whether the person wants to draw it down, the person has to calculate for tax purposes that he or she is drawing down a proportion of it and pay taxes on it. Therefore, that person is being forced to draw it down. That is what he or she will do. The person will not leave it in and just pay the taxes. It makes no sense to do that because there would then be double tax on it. There are two different ages where this kicks in. Some of this is very technical so perhaps we could deal with it with the Minister's officials before Report Stage and get a paper on it. Does it have to be 75 years of age? Has a decision been made that it is a fair enough age for this calculation to kick in and for the PRSA to be deemed vested?