Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

My contribution will be short and sweet. This is quite technical. To support this, it is important we have an understanding of this. My first question is in regard to the motivation for this change. I would welcome a brief, real world example of the its implications.

We are allowing the excess balance of the occupational pension scheme to be transferred to an approved retirement fund, ARF, rather than being used to purchase an annuity. Can the Minister confirm if the excess may be drawn down as a lump sum and, if so, the tax treatment of that lump sum and the cost to the Exchequer?