Results 9,481-9,500 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: On the face of it, that is certainly something we can look at but I do not want to make up policy on the hoof. I am sure there are a lot of considerations.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I thank Deputy McGrath. We will provide him with a note.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 16: In page 21, subsection (1), between lines 29 and 30, to insert the following: “(a) in section 770(3) by substituting “Schedules 23 and 23C” for “Schedule 23”,”.Amendments Nos. 16, 18 to 20, inclusive, and 22 to 25, inclusive, all relate to section 16 of the Bill as published. I propose to deal with them together by agreement....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Amendment No. 22 tabled by Deputy Doherty proposes to delete the proposed new section 782A(2) of the principal Act in section 16, which provides for the reversal of the more stringent ARF access conditions introduced in the Finance Act 2011. It may help to inform the discussion on the amendment if I outlined the rationale for the reversal of the 2011 charges. The relevant ARF access...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: We are in the same space as when I was replying to Deputy Michael McGrath. It is a case of trying to make one's best judgment on the balance between maintaining pension provisions for individuals which are adequate or sufficient for their retirement and, at the same time if they are facing a particular financial crisis, giving them access to funds they have accumulated either by way of AVCs...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The Deputy is correct that there will be a gain for Revenue, but it was not a consideration when this was being decided. It is not built into the budget figures. The changes are being made in response to a strong case that the 2011 Finance Act increased the guaranteed pension income requirement and that the maximum AMRF set-aside amount did not provide for adequate transitional arrangements...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: We were given legal advice that it would be inappropriate to allow it to reverse automatically and that independent legislation was required. This legislation needs to be brought before the House in order that everyone will be so aware and the Oireachtas can vote on it, if necessary. We will follow the legal advice.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: No.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: It will depend on who is sitting on this side of the table. Ultimately, Ministers propose and the Houses of the Oireachtas dispose. What a Minister decides now in respect of what will happen in three years time is not binding on his or her successors. The policy intention of the Department is clear and I am confident that it will be proposing this to either Deputy Pearse Doherty or Deputy...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The purpose of the mechanism is to benefit individuals on low incomes who have made modest pension provision. What is proposed is of no benefit to those on very large pensions; it is for people of modest means. I will consider between now and Report Stage the possibility of introducing a sunset clause. We have received legal advice to the contrary, but I will revisit the issue to see if...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: As I have stated a number of times, it is a matter of judgment as to where one pitches the figure. We discussed a figure of 25%, but I decided to increase it to 30%. One of the considerations of which I remain aware is the fact that while it is designed to provide relief for persons in temporary financial difficulty, we want to proceed in a way which will not impair their provisions for...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 18: In page 21, to delete lines 32 to 41 and substitute the following:" "(3I) A retirement benefits scheme shall not cease to be an approved scheme where the trustees of the scheme, notwithstanding anything contained in the rules of the scheme as approved, allow a member or, as the case may be, where the scheme is subject to a pension adjustment order, the spouse or...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 19: In page 22, line 10, to delete "trustees determine" and substitute "administrator determines".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 20: In page 22, to delete lines 47 to 50 and substitute the following:" 'administrator', in relation to an AVC fund, means the person or persons having the management of the scheme to which the relevant AVC contributions comprising the AVC fund have been made or, as the case may be, the PRSA administrator;".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 23: In page 26, to delete lines 29 to 42 and substitute the following:" "(2C) A PRSA product (within the meaning of Part X of the Pensions Act 1990) approved under section 94 of that Act, shall not cease to be an approved product where, notwithstanding anything contained in the terms of the product as approved, the PRSA administrator makes an amount available from the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 24: In page 26, line 48, to delete "7 working days" and substitute "15 working days".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 25: In page 27, line 22, to delete "7 working days" and substitute "15 working days".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 26: In page 27, to delete lines 43 to 45 and substitute the following:" "non ring-fenced amount", in relation to a vested PRSA, means the amount or value of assets in the vested PRSA that the PRSA administrator can make available to, or pay to, the PRSA contributor or to any other person;".Amendments Nos. 26 to 35, inclusive, all relate to section 16(6). As stated in...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 27: In page 28, subsection (6)(b), to delete lines 22 to 29 and substitute the following: "(b) Where on or after 6 February 2011 and before the date of passing of this Act one or more than one relevant option is exercised by an individual, or an individual has one or more than one vested PRSA, and in the exercise of the relevant option or options or in the vesting of the...